Consumer fintech Salmon today announces it has made another step in simplifying loan repayment for its clients. It launched repayment channels with five institutions, including MLhuillier and SM Bills Payment Centers (SM Stores), that will provide new brick-and-mortar loan repayment locations, as well as UnionBank, BPI and RCBC, which will expand online payment options for Salmon customers, making loan repayment logistics even more convenient.

Salmon Co-founder and Business Head in the Philippines Raffy Montemayor commented:

“We are delighted to have expanded our partnerships with these esteemed financial institutions, making it very easy and convenient for Salmon customers to make their loan payments in person or online. This step marks another important milestone for Salmon, as we bring transparent and convenient services to ordinary Filipinos across the country.”

Salmon added 3,070 new in-person repayment locations, a 56% increase from 5,500 7-Eleven and Cebuana Lhullier stores, already available to customers before the new partnerships were signed. Customers can generate a reference number or barcode in the Salmon app and then use it to make payments at an expanded number of brick-and-mortar locations.

Alternatively, customers can make payments online and will be redirected to a partner bank's page for login, receiving a one-time password (OTP) and payment confirmation. Online payments can now be made via Union Bank, the Bank of the Philippine Islands, Rizal Commercial Banking Corporation, as well as by using G-cash and Maya e-wallets.

Salmon recently closed a US$20 million debt funding round, the largest ever debt financing for a Series A tech company in the Philippines, led by Argentem Creek Partners, an emerging markets specialist investor.

Licensed cryptocurrency payment gateway Triple-A has appointed Paulo Shargorodsky as its new General Manager. With a track record of success in payments and financial services at EBANX and Walmart, Paulo is set to accelerate Triple-A’s growth across the Americas region.

Prior to his role at Triple-A, Paulo served as VP of Global Merchant Success at EBANX, a leading payment partner for companies in rising markets, and played a pivotal role in its global expansion.

Notably, Paulo spent a decade at Walmart, where he led the financial services and payments divisions, focusing on international business development, partnerships, and implementation of consumer payment solutions across e-commerce, mobile and brick & mortar stores.

His insights into the evolving payments landscape uniquely position him to drive Triple-A's mission of building a more efficient global payments ecosystem by bridging the gaps between fiat currency & crypto.

"Demand for cryptocurrency payments has never been greater and Triple-A is the industry leader in delivering cost-effective, secure and accessible solutions to help power merchant growth,” said Paulo. “I'm excited for the opportunity to join an exceptional team to scale the success seen across Asia, Europe and Africa across the Americas."

Eric Barbier, CEO of Triple-A, is equally thrilled about Paulo's arrival. "We are delighted to welcome Paulo Shargorodsky to the Triple-A team. His proven success in the payments space will undoubtedly accelerate our growth trajectory in the Americas region. Paulo's strategic vision aligns perfectly with our commitment to enable businesses to pay and get paid in crypto, volatility-free."

The Philippines’ Pioneering Digital Bank Tonik continues to take strides in furthering its Shop Installment Loan through its partnership with trusted retailer, Home Along.

Since the onset of 2022, Tonik's Shop Installment Loan has been accessible across 70% of Home Along retail outlets, a strategic initiative that has served as bank’s springboard into in-store consumer financing.

With Tonik gearing towards full-scale mode, the partnership has proven to be beneficial in bringing the bank closer to its vision of achieving financial inclusivity to the underserved segments.

"Our collaboration with Home Along has proven mutually advantageous, enhancing not only our operational success but also catering to customers in search of enhanced financing alternatives within the market,” said Greg Krasnov, Founder of Tonik Bank.

To date, Tonik Digital Bank has facilitated thousands of loans across Home Along's extensive retail network in Luzon. The accomplishment underscores the bank’s unwavering commitment to enriching in-store financing choices, characterized by affordable monthly installments, minimal requirements, and a swift 15-minute approval process all in one app.

Further, Tonik has always been grateful for the trust that Home Along gave to the bank specifically during its pilot stages. Reflecting on the synergy between the two entities, Mr. Alvin Tsoi, Owner of Home Along remarked, "Being able to support Tonik in its thrust of bringing the best customer experience to customers through better financing options perfectly aligns with our mission.”

Tsoi adds, “Our collaboration stands as a testament to our shared dedication to world-class customer care, and we look forward to nurturing and expanding this partnership in the years ahead."

Tonik and Home Along is looking forward to solidifying their partnership by closing 2023 with 100% store coverage.

Viamericas Corporation, a licensed, international remittance company, recently enrolled over 600,000 members in the Viamericas Plus program in the first year of its rollout. This program allows customers to receive rewards for utilizing Viamericas’ services including money transfers, bill payments, telephone top-ups and Amazon Cash reloads.

Viamericas customers are rewarded with ViaPoints every time they use Viamericas’ streamlined money transfer service. Customers can redeem their ViaPoints from their Viamericas Plus card to improve the exchange rate on their next transaction to Mexico, Guatemala, or Colombia. Alternatively, they can redeem their ViaPoints to reduce the fee on the next transaction to any other country. Viamericas Plus is the only rewards program in the market that gives points for all types of transactions helping promote the use of its cross-border money-transferring services.

“This rewards program was created to give additional value and benefits to customers using any of our services,” said Joseph Argilagos, Executive Chairman and Co-Founder of Viamericas. “We remain committed to providing unparalleled benefits and exceptional services to our customers as we continue to grow in the cross-border payment market.”

Viamericas was recently recognized on The 2023 Cross-Border Payments Top 100 by FXC Intelligence, joining companies such as Amazon, Visa, Venmo, and PayPal. Viamericas also recently won Fintech Futures’ Paytech Award for the category “Best Business Payments System - Cross-Border & Remittances”.

 Finotta, a provider of embedded fintech for digital banking, announced that Personified, its Personalized Financial Guidance (PFG) platform, has proven to substantially increase user engagement compared to other mobile banking apps, averaging 13 minutes per month.   

According to Parker Graham, Founder and CEO of Finotta, “On average, most users spend less than one minute per month on mobile banking apps, leaving banks with virtually no opportunity to cross-sell valuable products and services. Essentially, this means banks are unable to realize any substantial revenue from existing digital banking platforms, nor are they able to build loyalty and drive engagement.”

However, Personified is changing this. The platform delights customers and increases share of wallet by providing a completely automated and personalized mobile banking experience. With customized education and guidance, financial institutions can better engage customers and transform their physical branch into a digital one. Instead of delivering insights, the platform offers guidance, keeping customers engaged regardless of what financial journey they’re on, all while generating revenue within the mobile application.

“As banks begin to assess their budgets for 2024, digital banking is a major focus, particularly around customer acquisition and engagement. Banks are being challenged with maximizing the ROI on existing investments and digital is an area that hasn’t seen substantial returns,” said Graham.

Many banks are turning to traditional PFMs as the solution, but this may be a mistake. A survey from Oracle points out that 40% of customers think that independent personal financial management apps like Mint do a better job assisting them with personal money management and investment needs. This means banks must approach mobile banking differently if they want to be successful.

Additionally, a recent survey from BAI notes that new customer acquisition is both the number-one challenge for banks and a top investment priority. The report highlights that as the banking environment becomes increasingly digital, a new acquisition strategy is necessary. 

Finotta’s Financial Health Leveling system gamifies a customer’s ability to improve their entire financial picture, all within the bank’s digital banking channel. As a result, banks can empower customers to make faster decisions, leading to greater loyalty, increased share of wallet, and lower customer acquisition costs that other platforms simply cannot offer.

Graham adds, “To better capitalize on existing digital banking investments and increase share of wallet, all while lowering acquisition costs, banks need to shift their focus away from PFMs and instead embrace Personalized Financial Guidance. By focusing on guiding customers through their financial journey, they increase the amount of time users spend in the app. Ultimately, greater engagement means greater profitability.” 

Saudi Arabia is propelling itself into a new era of digital innovation. Fueled by an influx of foreign direct investment and a colossal $7 trillion development plan for giga projects, ICT spending in the Kingdom is projected to soar beyond $34.5 billion this year. That's according to the latest forecast from International Data Corporation (IDC), with the global technology research, consulting, and events firm predicting particularly strong compound annual growth rates (CAGRs) for software (11.4%) and IT services (8.7%) over the 2022–2026 period.

The government sector is spearheading IT spending in the Kingdom in 2023, with substantial investments being made in the areas of AI, IoT, cybersecurity, and big data analytics — the critical building blocks of an 'Experience Economy'. The key sectors of finance, communications, energy and resources, and manufacturing will be the next biggest spenders in 2023; however, the healthcare, finance, retail/wholesale, professional services, and education sectors are expected to see the fastest rates of growth over the next five years.

The upcoming IDC Saudi Arabia CIO Summit 2023, which takes place at the Fairmont Riyadh on September 13-14, will explore these developments and much more as it plays host to the Kingdom's most influential IT and telecom leaders, digital government pioneers, regulators, and industry thought leaders.

"Saudi Arabia's trailblazing transformation journey is testament to the Kingdom's visionary leaders and their unwavering commitment to building a resilient digital economy," says Hamza Naqshbandi, IDC’s associate vice president for Saudi Arabia and Bahrain. "Guided by their ambition, Saudi CIOs now stand as the architects of tomorrow and will be pivotal in shaping an era where digital prowess empowers a nation's aspirations. The IDC Saudi Arabia CIO Summit 2023 will celebrate the Kingdom's remarkable evolution, providing a unique platform where collaboration, knowledge sharing, and technological innovation converge to lay the foundations for a future unbounded by limitations."

Addressing the theme 'Enabling the Digital Economy's Leaders', the IDC Saudi Arabia CIO Summit 2023, will explore the current digital landscape and evaluate its pervasive impact on citizens, customers, employees, and operations. There will also be a special guest appearance from Raha Moharrak, who carved her name in history as both the youngest Arab and first Saudi woman to climb Mount Everest and the Seven Summits. Her achievements align perfectly with the spirit of transformation that drives the summit, and her presence will inspire attendees to reach new heights in their own digital journeys.

The agenda will incorporate a series of fascinating presentations, dedicated CIO-led panel sessions, and technology focus groups addressing a diverse range of topics such as:

• Strategies for Developing a Digitally Resilient Organization

• Envisioning the Future Intelligent Enterprise

• Shaping CISO Strategies for the Digital-First Organization

• Data- and Platform-Led Strategies for Realizing Digital Outcomes

• Digital Trust, Identity, and Security Strategies for the Digital-First Organization

• Talent Development and the Demand for New Skills: Optimizing Team Structure

• Sustainable Strategies and Technologies: Operationalization, Impact Measurability, Business Value Creation

• Vendor Selection and Management: Best Practices and What to Look Out For

• Cyber Protection for the Threats of Today, and Tomorrow: Dynamic Security Strategies to Minimize Risk

• Connecting the Distributed Cloud: From the Edge to the Core

• Enabling the Data-Driven Enterprise

• Transitioning Through AI and Analytics: Winning in the Intelligent Economy

The event will also feature exclusive insights from IDC's CIO Advisory Council for Saudi Arabia, whose members include some of the region's most respected ICT leaders and experts, including:

• Eng. Naif A. Sheshah, Assistant Deputy Governor for Planning & Development and CDO, Communications, Space & Technology Commission (CST)

• Yousef Alsuhaibani, CIO, Mobily

• Sundah Alsehali, CIO, Ministry of Defense

• Eng. Ghada Albugami, CIO and Presidential Advisor for Digital Transformation, Princess Nourah Bint Abdulrahman University

• Abdulaziz Abanmi, COO, Saudi Payments

• Khaled Alhazmi, CIO, Saudi Airlines

• Jason Roos, CIO, King Abdullah University of Science & Technology (KAUST)

• Yasser Al Yousuf, Assistant Deputy Minister, CISO, CRO, and CDO, Ministry of Justice

• Bandar Al Shahrani, Head of Digital & Innovation, PIF Projects, Public Investment Fund

To learn more about the IDC Saudi Arabia CIO Summit 2023

Banking Circle, the tech-led payments bank, has joined forces with the FIFA Clearing House (FCH) to process and streamline the payment of training rewards (solidarity mechanism and training compensation) corresponding to international player transfers in an efficient and secure manner, in line with the mission of the FIFA subsidiary.

Thanks to Banking Circle, the FCH will have access to direct clearing with central banks and a solid worldwide banking network, with the ultimate objective of centralising and automating payments between clubs, while promoting financial transparency in the transfer system.

“We are delighted to be working with the FCH and supporting FIFA in its ongoing commitment to introducing fundamental changes to the football transfer system”, said Laust Bertelsen, CEO of Banking Circle. “Utilising Banking Circle’s accounts and payment rails will enable the FCH to streamline the payment process, while also reducing the costs and time incurred with each payment for the benefit of the football community.”

The FCH is a key element of the transfer system reform implemented by FIFA to promote and protect the integrity of professional football. It has been operating since November 2022 from its offices in Paris after being granted a licence by the French Prudential Supervision and Resolution Authority (Autorité de contrôle prudential et de résolution) to operate as a payment institution.

“Delivering secure and transparent payments requires the right banking partner. Banking Circle provides us with direct access to clearing in multiple countries, meaning faster, more cost-effective and more transparent international payments for all clubs, thereby making a valuable contribution to FCH operations,” commented Frans van Proosdij, FCH President and CEO.

In June 2023, French amateur club SC Malesherbois became the first recipient of a payment processed by the FCH.

Kwakol Markets, a leading multi-asset broker based in Nigeria, is setting a new standard in empowering traders with cutting-edge tools and comprehensive market analytics. Their commitment to traders; success shines through a range of innovative features and platforms, including Web Trader, Kwakol’s proprietary web trading platform, MT4, MT5, Autochartist and Calculators, as well as access to a diverse selection of asset classes, such as Stocks, Commodities, Indices, Cryptocurrency, Forex, CFDs and Synthetics. In face of the financial markets’ rapid movement, traders need every advantage to stay ahead. Kwakol Markets understands this need and strives to provide a competitive edge for its users through their suite of advanced tools and analytics available across the multiple platforms it Hosts.

Powerful technology catering to traders’ needs

Alongside a diverse choice of asset classes and instruments, technology is the backbone of Kwakol’s offering. Its unique combination of industry-standard infrastructures like MT4 and MT5 with its proprietary Web Trader lends traders the flexibility they need to rapidly adapt to the market dynamics. Known for their user-friendly interface and robust trading environment, the MT4 and MT5 platforms equip traders with advanced technical analysis tools, indicators and a flexible trading system with EAs and algorithmic trading capabilities to power their strategies. Each platform supports a variety of order-filling methods, including Fill or Kill, Immediate or Cancel, Return, Pending Orders, and multiple strategies such as hedging and netting, alongside a wide range of time frames, an economic calendar and strategy tester fueling traders’ decision- making.

Traders looking for more flexibility and sophistication will find it with Kwakol’s Web Trader. The platform provides seamless access to the markets from any device with an internet connection. Its intuitive interface and powerful trading tools allow users to execute trades swiftly and efficiently, ensuring they never miss an opportunity. In addition to these, trade analytics tools such as the Autochartist and Calculators provide the data-driven insights that every trader needs to base their decisions on. Scanning the markets 24/7, the Autochartist alerts traders about potential market opportunities as they arise, while the advanced Calculators translate complex trading data into actionable insights, allowing traders to plan their trades with confidence.

Furthermore, the demo account option offers novice traders the perfect opportunity to test-drive the platforms and improve their skills before investing real funds.

Diversity of choices across different markets and asset classes Kwakol offers a diverse range of asset classes to cater to the preferences and strategies of all traders. From Forex and Contracts for Difference (CFDs), which are one of the core instruments that the award-winning brokerage offers, to sophisticated instruments such as Synthetics, traders will find the perfect array of instruments to achieve portfolio diversification.

Forex

The choice of Forex pairs that the broker offers is broader than that of most market players, with 100+ major, minor and exotic currency pairs available across platforms. 

Stocks

When it comes to stock investing, Kwakol ticks all boxes with its vast selection of US, European, Asian and Russian stocks of some of the most reputable companies. Moreover, the zero-commission trading on stocks makes traders flock to its platform 

Commodities

Traders looking to gain exposure to the widely traded commodity markets, can choose from energy, precious metals and agricultural products.

Indices

Indices provide great diversification cost-effectively, enabling traders to gain exposure to a whole industry sector or economy. Kwakol offers 13 benchmark indices, presenting traders with the opportunity to build a well-balanced portfolio.

Cryptocurrencies

Crypto enthusiasts will find several options across the cryptocurrency-based pairs that Kwakol offers exposure to. Unlike with most competitors, with Kwakol, traders enjoy the opportunity to trade their favourite cryptos against metals not only against fiat currencies or other digital assets, which makes the broker a top choice for crypto traders. 

Contracts for Difference (CFDs)

CFDs are available on a swathe of asset classes, including stocks, indices, cryptos and more. With these instruments, traders can access leverage up to 1:500, coupled with a minimum lot size of just 0.01, all supported by the broker’s advanced software.

Synthetics

Synthetics are sophisticated derivatives such as CDOs, which are a rare find in the retail trading space. Raising the stakes, Kwakol Markets provides access to these unique investment vehicles, empowering traders to manage their exposure to multiple markets, without the limitations of standard market hours or liquidity availability.

This impressive offering won Kwakol Markets a number of prestigious awards, including ‘Most Innovative Broker - Africa’ at the UF AWARDS MEA 2023, ‘Best Broker Africa’, ‘Most Trusted Broker Nigeria’ at the UF AWARDS 2022 and other

Holding an ASIC licence, Kwakol Markets continues to lead the trend when it comes to the breadth of offering, remaining one of the top choices for traders and investors worldwide. To find out more or open an account with Kwakol Markets, visit the website

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Money. For most of us, it’s something we think about every day. How to earn it, save it, spend it. But have you thought much about how you pay for things? Maybe not, but the way you pay - with cash, cards, your phone - is currently going through a major upheaval.

Imagine a world where wallets are obsolete, cash is a relic of the past, and payments happen invisibly in the background through your smartphone or even a connected device. As in, you grab a candy bar, walk out of the store, and the payment processes seamlessly without you lifting a finger. Far-fetched? Not anymore.

We’re already seeing the start of a revolution in payments and financial services, driven by new technologies and the rising expectations of customers.

In this article, we’ll look at how innovators and disruptors are taking aim at outdated payment systems and processes. We’ll also explore some of the promising technologies poised to change how we pay for things in the near future. Let’s get into it.

Problems with Traditional Payment Systems

Have you ever stood in line at the checkout, shuffling through your wallet to find the right card or counting out bills and coins? Or tried to split the dinner bill between friends using Venmo, only to find out your one friend still doesn't have the app? These little payment annoyances add up to big headaches.

Traditional payment methods like cash and plastic cards just aren't cutting it for today's faster, mobile, and global economy. Here's why they desperately need an upgrade:

• Costly and slow transactions - From interchange fees to overdraft charges, old payment networks are riddled with fees and inefficiencies. And moving money between banks still takes days, which feels ridiculous in today's real-time world.
• Outdated technology - Swiping a flimsy magstripe card feels out of place compared to using a smartphone. And signature verification is laughably insecure. Old systems based on outdated tech clearly can't keep up.
• Not optimized for new needs - Brick-and-mortar checkout is fast being overshadowed by mobile and online payments. But solving for this new ecosystem requires thinking beyond old methods.
• Lack of transparency - With cash, you can see what you have left in your wallet. But good luck determining all the middlemen fees on a card payment or bank transfer. Consumers deserve more visibility.

The Rise of Tech-Savvy Customers

Younger generations are driving the adoption of new payment technologies through their tech-savviness and willingness to go cashless. Having grown up with apps and mobile tech, they expect integrated and frictionless payment experiences.

Digital natives also value services tailored to their needs and are receptive to personalized incentives and perks delivered through payment platforms. By nature, younger demographics tend to be tech-forward and early adopters, quick to try payment innovations that offer new capabilities.

As such, forward-thinking companies are gaining an advantage by catering to this new tech-native payments audience. As younger generations drive adoption, all businesses must adapt their experiences to meet the demands of the tech-savvy consumer if they want to appeal to this crucial consumer audience.

Key Enabling Technologies of the Fintech Revolution

Behind the scenes, several technological advancements are powering the fintech evolution of digital payments. Let's explore some of the most important:

Infrastructure for Faster Payments

New infrastructure like real-time payment networks enable money to move instantly between accounts rather than waiting days. This allows for quicker peer-to-peer transfers, bill pay, retail checkout, and more.

Improved Security

Tokenization improves security by masking sensitive card details during transactions. Biometric authentication like fingerprint and face scanning enables more secure identity verification. And AI/ML algorithms help detect fraud before it happens through pattern recognition and analysis.

Seamless Integration

Open APIs allow easier integration between payment apps, merchants, banks, and other players. Payment gateways seamlessly connect the complexity behind the scenes to provide users with simple, unified experiences. Developers benefit from easier access and simplicity.

Emerging Capabilities

Blockchain supports decentralized cryptocurrencies like Bitcoin that facilitate transparent global transfers without intermediaries. New proximity technologies like NFC enable contactless payments through mobile devices both online and in-store.

Unified Experiences

Ultimately, these technologies are converging to deliver user experiences that are integrated, flexible, highly secure, and frictionless. Customers can pay how they want, merchants can customize offerings, and value-added services are embedded natively into apps.

The Growth of Digital Wallets

Once a novelty, now a necessity for many. Digital wallets like Apple Pay, Google Pay, PayPal, and Venmo are exploding. Currently, an estimated $9 trillion is transacted through digital wallets each year. This number is expected to rise to a staggering $16 trillion by 2028.

Clearly, these apps are dominating because they create seamless peer-to-peer and checkout experiences. You can easily send money to friends, pay securely online, and tap in-store - all from one place without constantly re-entering data.

Digital wallets also integrate valuable features like loyalty programs, offers, spending insights, receipts, and more. And they even enable new capabilities such as recurring billing, one-click checkout, and split payments. Adoption is surging among younger demographics and also expanding to older generations.

Final Word

For many of us, the days of reaching for a physical wallet already seem old-fashioned. After dealing with the hassles of cash and cards for decades, the payments landscape is finally getting a much-needed digital makeover. New technologies and customer expectations are driving massive changes.

It's an exciting time, especially for those of us ready to embrace the convenience of going cashless. Everyday payments are getting smarter, faster, and more personalized. Financial lives will be managed securely in one place, on our own terms. Though some may resist, for most, the benefits are too good to ignore. Digital payments are here to stay.

Digital bank N26 announced the integration of popular local payment service iDEAL to its 100% digital banking experience in the Netherlands.