TransferMate, the world’s leading provider of B2B payments infrastructure as a service, has been granted authorisation as an Electronic Money Institution (EMI) by the Central Bank of Ireland.

Acquiring EMI authorisation allows TransferMate to offer an extended service to their customers and partners. It means customers can now store multiple currencies with TransferMate indefinitely, more easily settle outward remittances in real-time, while also aiding foreign exchange money movement and liquidity management needs.

“Acquiring the EMI authorisation is part of our continued investment into our product suite and expanding the value we can deliver for our clients’ said Sinead Fitzmaurice, CEO of TransferMate. ‘We already facilitate billions of transactions on behalf of our customers and partners, from SMEs to large enterprises, and the e-money licence will be a key part of the global payments infrastructure that they leverage.” 

TransferMate are the first company to obtain an e-money license in 2023 and is now one of only 22 to hold such in Ireland. As part of the authorisation process, the Central Bank of Ireland requires EMIs to be well-governed, with appropriate cultures, have effective risk management, safeguarding and control arrangements in place, and have sustainable business models with sufficient financial resources including when under ‘plausible but severe stress’.

“At TransferMate, we’ve always looked to build a solid, sustainable operation based on becoming an entity that is a world leader in regulation and compliance’ said Terry Clune, Founder of TransferMate. ‘We have some of the toughest regulations in Europe, and it is a real achievement to acquire the EMI authorisation. It shows that constructing strong foundations pays off in the long-run, and ultimately delivers greater value to the marketplace.” 

The e-money licence is now a significant part of TransferMate’s global payments infrastructure, built on the foundation of 92 payment licenses, which covers 200+ countries and territories and 140+ currencies. 

The European retail sector has enjoyed its best month for international spending on Tax Free goods since the end of the pandemic after sales surged by 40% month on month in March 2023, taking them to just 21% below March 2019 – their highest level in nearly three years.

That’s according to the findings from Planet, a global technology leader providing integrated software, payment, and technology solutions.

Planet’s latest data shows the extent to which Europe’s retailers are benefiting from a surge in sales as the ever growing numbers of Asian tourists combine with continued high levels of spending by US consumers, fuelling strong growth.

This further highlights the need for the UK Government to quickly reintroduce Tax Free shopping so UK retailers can benefit from this growth opportunity.

Europe’s Tax Free market shifts further towards Asia

Planet’s data shows how the European Tax Free shopping market has shifted further to Asia with China, Taiwan and the Republic of Korea all now in the list of top five source markets.

Chinese consumers spent an average of €1,537 on Tax Free products, making them the biggest spenders in the league of top nations. Shoppers from the world’s second-largest economy increased their market share in March 2023 to 11.3%, with the US retaining top spot with a share of 19.8%.

The overall trend since around September is one of a shrinking US market share and growing Chinese presence, with China tripling its share from 2% in Q3 2022 to 8% in Q1 2023. Driven by an increase in airline capacity and the resumption of outbound group travel, China’s influence across Europe is expected to grow further from this summer.

Despite this, the growth potential is huge with overall sales to Chinese nationals still running 73% below pre-pandemic levels.

France remains the most popular Tax Free shopping market for Chinese shoppers capturing 54.9% of all their sales across the continent. After that, Italy took 11.5% and Germany 11.4%

UK consumers continue to spend big on Tax Free across Europe

The UK’s shoppers are continuing to flex their spending muscle in Europe, retaining their place among the top five source nationalities for Europe’s retailers when it comes to Tax Free shopping despite the growth from Asia. As European retailers gear-up for the busy summer travel season, the presence of UK shoppers will continue to provide good cheer.

Planet’s latest Intelligence report shows that in March 2023, UK consumers spent most on Tax Free products in France which captured 56.9% of all spending across Europe with an average transaction value (ATV) of €1,870. Paris remains the preferred city destination taking 46.1% of all UK consumer spending.

Despite France’s popularity, UK consumers spent more in Portugal where the ATV is a very healthy €2,032. Portugal took 7.6% of all UK spend, with UK consumers accounting for 11% of all sales across the country, their highest share in any major European market.   

The UK's younger customers are continuing to drive this spending with Gen Z accounting for 27% of sales in March 2023, almost three times more than other non-EU Gen Z shoppers. The UK’s affluent Gen Zs prefer to spend in luxury, department stores, and watches & jewellery where they over-index compared to other non-EU shoppers of this age group.

Luca Cassina, President of Retail at Planet commented:

“Our data highlights the extent to which UK retailers are missing out on international spending particularly from Asian, Middle Eastern and US tourists with the UK being the only major European market not to currently offer Tax Free shopping.

“We know that Chinese tourists are already returning to Europe and they’re now only second to the US in terms of their spending on Tax Free. All the forecasts point to them emerging as a major force in international spending across Europe this summer as international airline capacity from mainland China continues to increase.

“We know from our research that almost 7 out of 10 Chinese consumers would be more likely to visit the UK if a Tax Free shopping scheme were to be available.

“We continue to encourage the UK Government to act quickly to reinstate a Tax Free shopping scheme for overseas visitors. This would provide a major and very welcome boost to the UK’s retail sector ahead of the peak summer travel season.

“As a global leader in digital Tax Free, we know how much international shoppers enjoy the simple, quick and hassle-free shopping experience digital Tax Free brings.

“By working in partnership with the industry, the UK Government can quickly introduce a digital Tax Free shopping scheme that would offer overseas consumers visiting Europe more choice and which puts retailers across the UK on a level playing field.” 

London-based fintech Lanistar, has today announced the appointment of Ed Blankson as its new Chief Financial Officer (CFO). Blankson arrives at Lanistar with a wealth of expertise behind him having spent multiple years as a Senior Official at Tide.

Alongside Blankson, Lanistar also announces the onboarding of Merton Smith as its Chief Customer Officer (CCO). Having previously managed C-Level relationships at Innova, HP and Verifone – Smith’s hire is the latest move by fintech, Lanistar to achieve its full potential as one of the UK’s growing fintech leaders.

Lanistar is a fintech platform which offers its customers access to their financial products in one, accessible place. Operating as an intermediary to end users, Lanistar’s aim is to challenge the status-quo of traditional financial services.

Jeremy Baber CEO of Lanistar comments: "We are thrilled to announce the hires of Ed and Merton, both of whom are seasoned leaders with vast experience in finance and legal-risk compliance and customer growth respectively.  This will no doubt help reinforce our position in the market.”

Lanistar’s latest C-suite additions are the latest stride taken by the fintech in the wake of recent corporate announcements. In recent weeks, Lanistar has announced it is now fully compatible with Google Pay and a partnership with Apple Pay is expected soon.

Merton Smith comments: "I am enthusiastic about the opportunity at Lanistar to be ground-breaking and disruptive. To be a true disruptor in the financial services sector and introduce an alternative payment philosophy to the market. We're reaching those that would otherwise not be reached. We want to embrace people who want to bank or have access to financial transactions and products who otherwise wouldn't have the opportunity to via traditional finance offerings.”

Blankson and Smith arrive at a time of accelerated growth for Lanistar on a global scale. Lanistar is ticking all the right boxes in the Brazilian payments industry, recording a rapid uptake of open accounts within four months of its launch in Brazil. The fintech has also set the wheels in motion to integrate its very own cryptocurrency exchange alongside its existing offerings.

Baber added: “Right now, Lanistar is experiencing huge growth with the development of new offerings for our customers. We want to continue knocking on the door of traditional finance and make some meaningful noise. I am excited to see the impact our strengthened C-suite can deliver as we continue to shake-up the market on behalf of our customers.”

Etherisc, the open-source, decentralized insurance protocol and ecosystem, has today launched the first-of-its-kind USDC depeg protection cover to the public. As a peer-to-peer parametric product, customers receive automatic payouts should the price of the USDC stablecoin fall below its $1 USD pegged value by 0.5% for a period longer than 24 hours. The automated, blockchain-backed policy removes lengthy claims and assessment processes leading to exceptionally fast payouts and value assurance for covered USDC deposits. 

Christoph Mussenbrock, Co-Founder at Etherisc, said: “The purpose behind stablecoins is to provide a predictable haven within the volatile world of cryptocurrency. However, as the crypto market impact resulting from the recent failures of Silicon Valley Bank, Signature Bank, and Silvergate Bank showed, this stability isn’t always guaranteed. We saw a clear gap in the market for stablecoin protection and the launch of depeg cover on Etherisc brings immediate peace of mind for customers and their USDC deposits.” 

In the event of a depeg, Etherisc’s solution protects USDC deposits in non-custodial wallets with automated pre-specified payouts, verified through a time-tested Chainlink Data Feed. As soon as the USDC-to-USD Price Feed reports a USDC price below 0.995, the product enters a triggered state. If USDC does not recover to its peg within 24 hours, the product enters depegged state. As soon as the product enters a depegged state, customers can claim an USDT payout from their protected wallet at the click of a button. After a depeg event users have up to 7 days to claim.

The value of customer payouts is calculated by an Ethereum-based smart contract, taking into account the amount covered, the customer’s total USDC balance at the time of the depeg event, and the USDC price at that time. Initially, a minimum of 2,000 USDC per wallet is covered, with plans to roll out increased cover and extend coverage to other stablecoins in the near future. The product underwent extensive and successful testing during the recent USDC live depeg event in March, 2023.

The launch of parametric USDC depeg protection marks a significant milestone in the roadmap of Etherisc’s self-sustaining, decentralized insurance platform. Etherisc will also enable first peer-to-peer risk pools where holders of USDT may ask for rewards on the staked capital through premiums paid by those availing of depeg protection. These risk pools are also used to cover the cost of payouts in the event of a depeg incident. These risk pools have to be backed by an amount of DIP tokens, provided by either the USDT staker or other DIP token holders. Stakers of DIP tokens may receive rewards as well. 

Mussenbrock concluded: “Truly safe avenues within crypto are essential to furthering widespread adoption. Peer-to-peer depeg protection is an innovative way to protect investors’ stablecoin deposits and appeals to those who, above all else, are seeking peace of mind regarding their crypto assets. In addition to extending this product, we will soon enable investors to deposit capital to fund the depeg protection and receive rewards - all powered by staking Etherisc’s DIP token.

“The traditional insurance industry is long overdue (for a) radical overhaul, with blockchain capable of bringing entirely new levels of transparency and efficiency to the table. Etherisc is building the rails for a thriving, self-sustaining, decentralized insurance ecosystem and our USDC depeg protection is the first marquee product of this new era.”  

Etherisc invites holders of USDT to stake their Tether.

Today, digital banking innovator Tyfone, Inc., announced a major transaction that includes a significant investment from Demopolis Equity Partners and a merger with digital banking provider Cubus Solutions, resulting in the combined entity operating under the Tyfone brand. This move will accelerate the adoption of the company's nFinia® digital banking platform by a wider range of community financial institutions and extend digital offerings that will bring in revenues and efficiencies to these institutions, thanks to the addition of Cubus' customers, digital solutions, and expertise.

“Today success in digital banking – in fact, success in any financial technology – is all about engaged digital experiences and the ability to scale,” said Tyfone CEO Dr. Siva Narendra. “That means scaling up to power digital growth for larger institutions and scaling down to facilitate the smaller ones stay relevant.” He added that the company has already built a great foundation of market leading software for credit unions and community banks with passionate people. Now, with additional capital and the merger, more community financial institutions will be able to leverage that foundation.

“It is rare to find two companies so culturally well-aligned that also complement each other technologically,” said Cubus CEO John-Ashley Paul. “The team at Cubus is thrilled to be joining the Tyfone family. Our best-of-breed loan payments, loan skips, e-statements, and rewards solutions will extend the Tyfone digital banking ecosystem, leading to tighter integration and a truly exceptional user experience.” He noted that both companies have established industry-wide reputations for customer service, integrity, and transparency.

“We are excited to partner with Tyfone to build an industry leader in the digital banking space.  Siva and his team at Tyfone have built a true best-in-class product and offer the highest level of service in the industry, while John and his Cubus team have established a solid, multi-faceted business with a reputation for excellence,” said Tim Greenfield, Managing Partner at Demopolis Equity Partners. “We believe that the combined organization is well-positioned to lead the next wave of innovation in the community banking sector.”

The Institute of Financial Technologists of Asia ("IFTA") announces the opening of applications to IFTA FinTech and Innovation Awards 2022/2023 ("the Awards") until 26 May 2023. The Awards invite nominations of projects, individuals and teams from different sectors who have made significant achievements in the use and/or growth of FinTech in their respective arena.

As technology continuously evolves, FinTech applications have also made major breakthroughs. Themed "Game Changers: The Rise of Next Gen FinTech", the Awards celebrate ground-breaking ideas and technologies that shape the future of finance in a fast-changing environment. Out of 14 award categories, 10 are catered for corporations which have delivered exceptional FinTech projects or solutions used in various areas in Asia, and 4 categories celebrate the significant achievements of individuals and teams in FinTech.

In response to the rising concerns of security in cyberspace and data, a new category, "Cybersecurity and Data Protection", has been introduced to recognise effort in protecting sensitive information against potential attacks. Both female and male play a key role in maintaining the sustainable development of FinTech industry. In this regard, IFTA also introduced the "Female's Pioneer Award" to recognise female leaders and practitioners who have made unswerving effort and contribution to challenge the status quo and chart new frontier.

IFTA Founder and Chairman Mr Paul Pong, Head Juror of Jury Panel Dr. Dorothy Chau

"IFTA Awards aim to celebrate the effort of FinTech practitioners in upholding Hong Kong's role as one of the world's financial centres." said IFTA Founder and Chairman Mr Paul Pong, "Technology is evolving in an unprecedented pace. Innovative adoption of technology in finance has empowered automation, enhanced client accessibility and supported businesses to stay ahead of competition. Through the Awards, we aim to celebrate the many innovative FinTech breakthroughs practitioners have made that drove our society forward and fuelled our businesses."

Head Juror of IFTA Awards 2022/23 Dr Dorothy Chau mentioned, "We recognise that female plays an equally important role as male to the long-term development and growth of FinTech industry. We have therefore introduced the new 'Female Pioneer Award' in order to honour the contribution of female industry leaders and inspire more women to pursue a career in FinTech."

Since its establishment in 2017, the IFTA has played an active role in raising the bar of FinTech industry in Asia, facilitating FinTech education and serving as a platform for nurturing new talents. For the past five years, the Awards have recognised outstanding companies and individuals who have dedicated to the development of this once-emerging, and now maturing industry.

Award categories of IFTA Awards 2022/23 are as follows.

Corporate Achievements in FinTech and innovation

A total of 10 award categories are open to projects or solutions in Asia used by publicly listed companies, private corporates, and start-ups. They are:

1. RegTech
2. InsurTech
3. Payment Tech
4. Blockchain, Cryptocurrency and CEP (Cryptoasset Exchange Providers)
5. Banking Tech
6. Wealth Tech
7. Metaverse, NFT, and DeFi (Decentralised Finance)
8. ArtTech
9. Cybersecurity and Data Protection
10. Others (innovative projects that fall under FinTech but excluded from categories stated above)

Outstanding Financial Technologists of the Year

There are 4 award categories open to individuals and teams for their achievements in fintech industry.

1. Leader of the Year - Recognising company founders, shareholding directors, or C-suite executives
2. Rising Star of the Year - Recognising young professionals at or below the age of 35
3. Star in the Making - Recognising students (undergraduate or postgraduate) who come up with innovative projects or ideas that can positively transform the FinTech industry
4. Team of the Year - Recognising corporate teams/project teams who have made significant contribution through the implementation of FinTech solutions

The Jury Panel (in alphabetical order of surnames)

Temenos has been recognized as an industry-leading ESG performer by Sustainalytics for its exceptional work in reducing and managing ESG risks, achieving badges in both “ESG Industry Top Rated” and “ESG Regional Top Rated”.

Temenos is classified as “Low Risk” with a score of 11.9, placing it firmly in the lower end of the rating band which focuses on material ESG issues, such as Human Capital, Data Privacy and Security and Business Ethics. Temenos placed first against its market peers, and in the top 2% across both the “Software & Services” industry as well as the “Enterprise and Infrastructure Software” sub-industry.

According to the rating, Temenos’ ESG reporting as well as the company's overall management of material ESG issues are considered strong, as the company has board-level oversight for ESG issues.

Morningstar Sustainalytics is the leading organization for reviewing the sustainability of listed companies based on their environmental, social and corporate governance performance. Its 2023 Top-Rated ESG Companies List, which covers more than 14,000 companies across 42 industries, evaluates a company’s exposure to industry-specific ESG risks and how well it is managing relevant ESG issues– a measure increasingly vital across multiple industries including the banking sector. The Sustainalytics rating distinguishes between five levels of risk: negligible, low, medium, high and severe.

Kalliopi Chioti, Chief Marketing & ESG Officer at Temenos, said: “We see that ESG opportunities and risks are becoming more and more relevant for financial institutions. Our banking clients understand the implications of ESG risks, from both a stakeholder and regulatory perspective, and take action to address them. They are looking for partners who have embedded ESG throughout their operations as well as a strong management of material ESG issues. This recognition is an important milestone, showcasing Temenos’ resilience and robust management against exposure to ESG risks, enabling the company to navigate the rapidly evolving regulatory landscape, build trust with stakeholders, and create sustainable value for its clients in the banking sector.”

Temenos is recognized as a Gold class leader in the software industry in S&P Global Sustainable Yearbook 2023. The company was also awarded a triple-A rating in the Morgan Stanley Capital Investment’s (MSCI) ESG rating, the highest possible score, while also achieving top scores in the Carbon Disclosure Project (CDP) for the second year running.

Temenos’ commitment to reduce carbon emissions has been validated by the Science Based Targets Initiative, with the assessment recognizing the company’s best practice in reducing Scope 1, 2 and 3 emissions.

Temenos has also embedded ESG in its product offering to support customers manage their own sustainability. In 2022, it launched the Temenos carbon emissions calculator to give customers deeper insight into carbon emissions data associated with their consumption of Temenos Banking Cloud services. It also announced a new ESG Investing service, helping banks and wealth managers meet the growing demand for sustainable investing.

An overview of Temenos’ environmental roadmap towards a net zero economy and more information about the company’s ESG achievements are available here.