Awash Bank S.C, the first and the leading private financial institution in Ethiopia, has partnered with Mastercard, a leading global technology company in the payments industry, to introduce the Awash pre-paid cards. The Mastercard-branded international prepaid plastic card was launched during a press conference at Awash Bank’s Headquarters. This collaboration marks a significant milestone in Ethiopia’s card business, as the cards enable customers and merchants to make and receive payments online from anywhere in the world.

The plastic card will offer added flexibility and convenience to customers as it is enabled to make contact or contactless transactions on ATMs and POS machines. Customers can also use the plastic card to withdraw cash from ATMs, pay on POS terminals, and shop online at any merchant locations worldwide where Mastercard is accepted. The virtual card also offers customers the freedom to make online purchases at any merchant website worldwide where Mastercard is accepted.

One of the key features of Awash Mastercard is that customers can load funds onto the card as needed at Forex bureaus. making the new card an ideal choice for international payments and travel-related expenses.

"This innovative offering is a testament to Awash Bank's commitment to delivering convenient and secure financial solutions to our customers," said Yohannes Merga, Senior Chief, Marketing Officer for Awash Bank. "Awash Mastercard empowers travelers with the freedom to manage their finances seamlessly while exploring the world," he added.

Along with the card, the bank will also introduce Mastercard’s Payment Gateway Services (MPGS) which will diversify and expand Awash Bank’s service offering. Mastercard’s Payment Gateway allows local merchants that have mobile applications or websites to integrate with it and accept international payments online. Customers from all over the world can place online orders and reservations and pay merchants that are integrated with MPGS using their cards.

“This collaboration with Awash Bank is driving our commitment as Mastercard to enable financial inclusion across Africa. Our technological advancements in the payments landscape, enable consumers to be connected to endless possibilities, when transacting, in a safe, secure, and simple manner, which places power and convenience in their hands,” said Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard.

Awash Bank’s international prepaid card is available to any traveler above the age of 18. To obtain the card, interested individuals simply visit Forex Bureau and open a bank account. They are required to bring along essential travel documents such as a passport, visa, and flight ticket.

The introduction of the Awash Mastercard and Mastercard’s Payment Gateway Services plays a vital role in the implementation of Ethiopia's digital transformation strategy by enabling smooth cross-border payments.

Velo Labs is excited to announce landmark partnerships between its Orbit crypto merchant network and leading Point-of-Sales (POS) networks and plans to achieve 500,000 users in Orbit by the end of the year — marking a significant leap toward the integration of cryptocurrency in everyday transactions.

This partnership mirrors the convenience of traditional payment giants like Visa and Mastercard but innovates by enabling payments through QR code scans, allowing customers to use cryptocurrencies instead of swiping a card.

Orbit, a technology developed by Velo Labs, facilitates a seamless crypto transaction experience for merchants and consumers alike. By partnering with POS networks, Orbit is bridging the gap between traditional retail payment systems and the burgeoning world of cryptocurrency, offering a versatile and secure payment solution comparable to the convenience of Visa and Mastercard.

Through this partnership, merchants connected to these POS networks will gain access to Orbit's crypto payment processing capabilities. This allows for a broad spectrum of cryptocurrencies to be accepted at points of sale and instantly converted to fiat currency to ensure merchants receive payments in a stable and familiar form. This dual functionality not only opens new revenue streams for businesses but also caters to the increasing consumer demand for flexible digital payment options.

At the core of this initiative is Orbit's advanced technology platform, which integrates seamlessly with existing POS systems, enabling quick and secure QR code-based crypto transactions. This innovative approach ensures that both merchants and customers enjoy a smooth and efficient payment process, mirroring the ease of use associated with traditional payment methods while leveraging the unique benefits of blockchain technology.

This partnership exemplifies Velo Labs' commitment to expanding financial inclusivity and innovation. By connecting Orbit's crypto merchant network with traditional retail POS systems, Velo Labs is not just facilitating another payment method but is actively participating in the evolution of global financial services, making digital currencies an integral part of daily commerce.

Velo Labs' initiative is a testament to the company's commitment to fostering a more inclusive financial ecosystem. By enabling crypto payments, Velo Labs is not only expanding the utility of cryptocurrencies but also providing merchants and consumers with more choices and flexibility in how they transact.

Looking ahead, Velo Labs and Orbit are committed to expanding their network of partnerships, aiming to include more merchants and POS providers. This will further enhance the accessibility of crypto payments in retail and solidify Velo Labs' position as a leader in the convergence of decentralized finance (DeFi) and traditional financial ecosystems.

Nexo, the leading institution for digital assets, announced a partnership with Sift, the Leader in Digital Trust & Safety. By working with Sift, Nexo will be able to revolutionize its approach to fraud prevention, enhancing security measures and ensuring a safer, smoother, quicker, and more reliable experience for the company’s over 6 million users.

Nexo will utilize Sift’s industry-leading Payment Protection and Account Defense products, leveraging their advanced artificial intelligence and machine learning (ML) technology, and real-time intelligence to provide robust protection against a wide array of account and payment fraud challenges. Payment Protection will enhance Nexo’s platform with state-of-the-art payment fraud prevention, resulting in faster transaction approvals, and improved protection of customer funds. In parallel, Sift’s Account Defense will secure user accounts by preventing account takeovers, thus accelerating Nexo’s operational efficiency, and reducing losses associated with compromised accounts.

Nexo also gains access to Sift’s Global Data Network, its consortium of customers, including dozens of the world’s top crypto exchanges. The insights gleaned from the Global Data Network will allow Nexo to prevent fraud more accurately and quickly, and reduce friction for legitimate users.

This initiative places Nexo at the forefront of identifying and preventing complex fraud patterns, enhancing the accuracy and speed of its response, and fostering trust and confidence in the blockchain space.

“The synergistic alliance between Sift and Nexo demonstrates our unwavering commitment to a user-centric ethos, harmonized with robust security and anti-fraud protocols. By harnessing Sift’s cutting-edge technology and comprehensive platform for managing digital risk, Nexo is equipped to adeptly prevent fraud while creating a streamlined experience for our users,” said Savina Boncheva, Head of Compliance at Nexo.

“The crypto community is a magnet for organized fraud actors seeking financial gain,” said Armen Najarian, Chief Marketing Officer at Sift. “By joining Sift’s global data consortium and leveraging our AI-based risk decisioning platform, crypto exchanges like Nexo can greatly reduce fraud and create better experiences for legitimate users. We’re pleased to welcome Nexo to the Sift customer community and look forward to a successful and long-term partnership.”

Nexo is dedicated to continuously improving its security measures, and raising the bar for the entire industry. The partnership with Sift represents a significant step forward in Nexo’s journey towards a safer, more secure digital environment for its users.

KYND, a leading provider of cyber risk management solutions, has today officially disclosed a substantial investment in the business to propel expansion and further growth.

The investment comes from Verisk, a leading global data analytics and technology provider, and existing backer BGF, one of the largest and most experienced growth capital investors in the UK and Ireland.

Founded in 2018 by Andy Thomas and Melanie Hayes, KYND has developed a cyber risk monitoring platform designed to deliver instantaneous and continuous insights into the cyber risk profile of any organization. Offering actionable, and transparent cyber risk intelligence KYND supports informed and rapid decision-making across the cyber ecosystem.

The business has been recognized as one of the most innovative and powerful global cyber risk management solutions. Recent award wins in 2023 include “Cyber Security Product of the Year” at the Risk Management Awards and ‘Cyber Risk Management Solutions Provider’ at the Fintech Awards.

Since securing its Series A funding in early 2022 from BGF, KYND has extended its comprehensive suite of cutting-edge products and industry solutions which are used by leading insurers and brokers, such as Beazley, Howden, and Alliant, and private equity firms such as Phoenix Equity Partners. KYND has also successfully expanded into the US with a dedicated team now based in Austin, Texas.

KYND will use the new investment from BGF and Verisk to further support its global growth plans, as well as continue to develop transformative cyber risk technology.

Andy Thomas, CEO and Founder of KYND, said: “The threat of cybercrime is rising; attacks are now a question of “when” not “if” and the risk of these occurring has knock-on effects across the broader landscape. At KYND, we are committed to creating best-in-class, efficient, and insight-rich tools that not only remove complexity & jargon, making cyber risks easy to identify, monitor, and remediate but also enable rapid decision-making in this dynamic ecosystem. We are excited to continue working with BGF and look forward to welcoming the Verisk team as we execute our ambitious growth plans.”

Rowan Bird, Investor at BGF, said: “KYND has developed an industry-leading platform that provides actionable insights on cyber risk posture. The business has demonstrated impressive growth and this new investment demonstrates our belief in the long-term potential of the company as it continues to scale.”

Verisk’s investment in the business provides an exit for CPP, a UK-based provider of assistance and insurance products, which has backed the business since 2018.

Tim Rayner, President of Specialty Business Solutions at Verisk, said: “Helping our clients address the risks associated with cyber events is one way we build resilience for the global insurance industry. We are excited to support KYND and find new ways of working together in support of Verisk’s clients in the global insurance market.”

The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. The 25 largest credit card issuers charged customers interest rates of 8 to 10 points higher than small- and medium-sized banks and credit unions. This difference can translate to $400 to $500 in additional annual interest for the average cardholder.

“Our analysis found that the largest credit card companies are charging substantially higher interest rates than smaller banks and credit unions,” said CFPB Director Rohit Chopra. “With over $1 trillion in credit card debt outstanding, the CFPB will be accelerating its efforts to ensure that consumers can access better rates that can save families billions of dollars per year.”

Today’s survey data includes information on all general-purpose credit cards of the largest 25 credit card issuers in the United States. The data also include a representative sample of products from small- and medium-sized banks and credit unions across the country. Among some the survey’s key findings:

• Large issuers offered worse rates across credit scores: Whether a person has poor, good, or great credit, large issuers offer higher interest rates. For example, the median interest rate for people with good credit – a credit score between 620 and 719 – was 28.20% for large issuers and 18.15% for small issuers.
• Fifteen issuers reported credit cards with interest rates above 30%: Nine of the largest credit card issuers in the country reported at least one product with a maximum purchase annual percentage rate (APR) of over 30%. Many of these high-cost products were private-label or co-branded cards offered through retail partnerships.
• Large issuers were more likely to charge annual fees: Among large issuers’ credit cards, 27% carried an annual fee, compared to just 9.5% of small firms. The average annual fee was $157 for the largest issuers, as opposed to $94 for smaller issuers.

The newly updated Terms of Credit Card Products survey is one part of the CFPB’s efforts to increase competition throughout the credit card market. The CFPB is promoting switching through open banking, scrutinizing bait-and-switch tactics on credit card rewards, closing loopholes that allow credit card issuers to extract junk fees, and promoting credit card comparison shopping.

In October 2023, the CFPB published its biannual consumer credit card market report. The report noted that more than 190 million consumers have at least one credit card. The report also stated that both credit card debt and spending reached record levels at the end of 2022. Debt surpassed $1 trillion, and spending reached $846 billion.

The CFPB will continue to release data on credit card pricing and availability every six months, with the next release slated for later in spring 2024. The CFPB is developing a consumer-facing tool that, once finished, will give people looking for a new credit card an unbiased way to compare credit card terms and interest rates.

HealthCARE of Iowa, a professional consulting partner with over 80 years of combined experience in providing consulting services for Senior Living environments, has partnered with DailyPay – the industry’s leading on-demand pay solution. Through this partnership, HealthCARE of Iowa is modernizing its benefits offerings by providing a voluntary financial wellness benefit that empowers employees to access their earned pay at the press of a button. 

“At HealthCARE of Iowa, we are committed to continuously improving the employee experience. DailyPay is a voluntary benefit that allows employees to access their pay as they earn it,” said Rob Hentzen, president and chief executive officer, HealthCARE of Iowa. “This benefit directly supports our hiring efforts – it’s a benefit employees want and should have access to.” 

According to research conducted by Arizent, commissioned by DailyPay, 80% of DailyPay users say it has a positive influence on their financial habits.

The research also found that 82% of surveyed employees in healthcare, medical, or social assistance industries say DailyPay makes it easier to understand how much income they’ve earned each day. With DailyPay’s work technology platform, employees have a real-time view of their pay as it accumulates and the option to withdraw it before the scheduled pay period. It’s a way for employers to offer full pay transparency that allows employees to better plan their lives and manage financial disruptions.

Since launching DailyPay, HealthCARE of Iowa has improved its turnover rates by over 60%, resulting in more employees staying on the job longer. 

Ai for Alpha, a leading fintech company specializing in leveraging machine learning for advanced investment strategies, announces the integration of Gen AI into its asset management models.

“We are excited by this innovative approach as it represents a significant advancement in optimizing investment processes through the application of generative AI technologies," says Beatrice Guez, CEO. "Specifically, Generative AI can synthesize and interpret news and investor sentiments from multiple sources and translate them into actionable investment decisions.”

By utilizing advanced technologies like RAG (Retrieval Augmented Generation), generative AI can analyze a variety of sources, offering an up-to-date perspective on investor sentiment and market trends. Investment professionals find it valuable to combine the analysis of investor sentiments with market indicators such as trends, risk aversion, and other market factors. “To that effect, Ai for Alpha has decided to use its technology to merge investor sentiment with quantitative market indicators,” says Jean-Jacques Ohana, head of product development.

"Our strategy combines traditional indicators characterizing financial stress on major asset classes, such as implied volatility and credit spreads, with indicators derived from Generative AI models that characterize investor sentiment on stock markets," explains Thomas Jacquot, Head of Business Development. "Taking positions based on these two indicators significantly improves the risk/reward profile for stock market investors, enabling them to limit major losses while profiting from the most favorable expansion phases."

"I believe our Gen AI-powered model will bring substantial improvements in the risk management of our clients’ equity portfolios. We are looking forward to implementing them with our asset management, banks, and insurance partners," concludes Jacquot.

Finom, an Amsterdam-based leading digital banking solution for SMEs and entrepreneurs, has announced a €50M Series B funding round. The round led by General Catalyst and Northzone, with participation from existing investors including Cogito Capital, Entrée Capital, FJLabs, s16vc, and Target Global, bringing FINOM’s total raised capital to over €100M.

The funds will be utilized to improve Finom’s existing product offerings, further marketing initiatives, and expand accounting services to meet the growing demands of SMEs across Europe. Finom, founded in 2020 by fintech veterans Andrey Petrov, Kos Stiskin, Oleg Laguta, and Yakov Novikov, provides a much-needed alternative to traditional banking for SMEs and freelancers. The platform allows for quick online bank account openings, complete with IBANs for seamless cross-border transactions. Clients benefit from both physical and virtual bank cards, sophisticated expense management tools, and integration with leading accounting software.

The infusion of new capital will fuel Finom’s ambitious plans to expand its offerings and geographic footprint. To serve the entire Eurozone by next year, the company is gearing up for localization efforts in additional markets.

Co-founder Kos Stiskin emphasized the vast growth potential in the EU’s SME banking sector, with less than 3% market penetration achieved so far by neobanking contenders. FINOM is committed to becoming the leader in the EU by adapting its unified platform infrastructure to the unique characteristics of each country it serves, aiming to transform the SME banking experience into something straightforward and user-friendly.