The Top Payments News Stories in August 2018

Ok folks, I know i have been quiet for the past few months. But now i am back and will be looking to post more regularly. Let’s kick off with a look back at the top payments news stories for August 2018:

1. Payments News – Cyber Security

    • The US Department of Justice reports that 3 members of the prolific cybercrime gang Fin7 have been arrested
    • FBI warns of a carefully coordinated global fraud plot – ATM Cashout – where hackers compromise bank or payment card processing machines and use cloned cards to withdraw large sums of cash in a few hours
  • Thomson Reuters and the Singapore FinTech Association (SFA) partner on projects to further develop fintech in Singapore, focusing on technologies that will help resolve financial crime
  • The UK financial ombudsman outlines the evolution and sophistication of cybercrime and warn banks that they should not assume their customers have acted with gross negligence

2. Payments News – Mobile Payments

  • Tencent’s WeChat Pay launches in Malaysia – the first ‘export’ of the payments platform in Asia beyond China and Hong Kong
  • Samsung Pay launched 3 years ago goes from strength to strength, surpassing 1.3 billion transactions
  • Google updates and rebrands its Tez payments app in India to Google Pay
  • Warren Buffett is reportedly looking to invest in Paytm

3. Payments News: Blockchain / Digital / Crypto-currencies

  • Intercontinental Exchange, BCG, Microsoft & Starbucks link up to form Bakkt – an ecosystem that allows consumers to buy, sell and store digital currencies on a global platform
  • Eurex regional head of Asia, Roland Schwinn, explains “the digitization of assets has started”
  • IBM and Maersk create TradeLens – a blockchain enabled shipping solution
  • Monetary Authority of Singapore announces Project Ubin Phase 2 – to develop Delivery versus Payment (DvP) capabilities

4. Payments News: Banks

  • HSBC to implement Quantexa tech into its systems this year to help identify money laundering
  • Commonwealth Bank of Australia Chief Matt Comyn discusses 2018 financial results
  • Commonwealth Bank of Australia Smart Assets proof of concept combines Internet of Things (IoT), smart contracts and blockchain tech and data to enable farmers to make better and timely decisions
  • RBS seeks help from online challenger Starling Bank to become digital

5. Payments News: Fintech

  • Starling Bank launches Banking-As-A-Platform APIs
  • Revolut crowd investors make 19x on their original investment
  • Facebook seeks financial data about their users from banks
  • Association of Banks in Singapore (ABS) announces the launch of PayNow Corporate – extending instant payments via just a mobile or NRIC number to business, corporate and government agencies
  • Square’s Cash App downloads surpass Paypal’s Venmo
  • Amazon is reportedly making inquiries around setting up a UK insurance price comparison website
  • Revolut launches Revolut Metal and provide a neat Q&A post
  • Bloomberg highlights a deal where Google purchased Mastercard transaction data allowing them to understand when online ads resulted in physical store sales in the US
Thanks for stopping by – Take a look around…!!

6. Payments News: Europe – SEPA, PSD2, Open Banking, GDRP

  • Open banking enables Santander customers to link up to the Moneybox fintech app
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7. Payments News: SWIFT

8. Payments News: Reports

 

That’s it folks! Let me know below if I missed anything important…

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