AmEx partners with Goldman Sachs to Provide Integrated Digital Payments Solution for Corporates

Key Insights and Signals in Banking & Financial Services

Centre set up and Expansion  
Credit Suisse to set up Global Tech Innovation Centre in Doha
The center’s establishment comes as part of a memorandum of agreement between the Investment Promotion Agency Qatar (IPA Qatar) and Credit Suisse. The partnership paves the way for future collaborations between IPA Qatar and Credit Suisse across other fast-growing sectors, such as fintech, and significantly expands its footprint in Qatar to serve regional and international markets. Read More>>
Singapore Exchange (SGX) opens office in Gift City
The company has opened its office in Gujarat International Finance Tec-City (Gift City) on Friday. The SGX has launched SGX India Connect IFSC and announced the upcoming launch of Gift Data Connect. The Gift Data Connect will enable SGX’s international members to access real-time trading data of Nifty contracts via their derivatives trading platform. Read More>>
Rakuten Card starts new systems development subsidiary in Vietnam
Rakuten Card Co Ltd has established Rakuten Fintech Vietnam Co Ltd, headquartered in Ho Chi Minh City. The subsidiary has been established as an overseas development center to strengthen the organizational structure, accelerate system development, and support business continuity planning. Read More>>
Goldman Sachs adds AMEX virtual cards to the corporate banking portal
The new payment system will embed American Express’ virtual cards for the first time into Goldman’s TxB platform, which already offers ACH, wire, and foreign currency payments. The solution will support multiple payment options for American Express Corporate Card Members and offer data and analytics in one integrated platform. Read More>>
Zip and Blackhawk partner to increase acceptance of BNPL Online and In-Store-
The partnership will integrate Blackhawk’s branded payments network to more than 5 million Zip app users, allowing them to purchase gift cards within the Zip platform. Additionally, Zip’s Pay in 4 product will be available as a payment method to buy gift cards and through Blackhawk’s first-party platform extending the ability for consumers to Buy Now, Pay Later across gift card marketplaces. Read More>>
Schroders, GFH Financial partner for private equity co-investments
To strengthen its global private equity platform with investments in buyout and growth companies in Europe and the Americas, GFH will invest alongside Schroders Capital across downturn resistant sectors, including the health care, education, technology, and consumer sectors. Read More>>
Kotak partners with Pine Labs to scale up its merchant acquiring business:
This tie-up will enable Kotak to expand its merchant acquiring and Point of Sale (PoS) services to more merchants, especially retailers. Pine Labs has a network of over 245,000 merchants across Asia and the Middle East. Through this tie-up, merchants in India will now be able to leverage KMBL’s PoS payment solutions bundled with Pine Labs’ technology stack to help grow their business. Read More>>
Mergers and Acquisition
Stripe is buying Recko to improve payment accounting
Recko’s payments reconciliation software will add to the growing list of tools Stripe provides for internet businesses, continuing Stripe’s expansion beyond payments acceptance. Recko automates reconciliation or comparing a firm’s internal sales log to its bank statement to confirm the accuracy and track cash positions. Read More>>
London Stock Exchange buys Refinitiv in USD 27 Bn deal
The deal could give LSE the scale needed to compete with Bloomberg by combining the data generated from the exchange with Refinitiv’s distribution and analytics. It will also bolster the British company’s position in foreign exchange and fixed income trading through Refinitiv’s FXall and Tradeweb platforms. Read More>>
Citizens Financial to acquire JMP Group LLC
Under the merger agreement terms, JMP shareholders will receive USD 7.50 for each common share of JMP they own, or approximately USD 149 Mn in cash. The boards have unanimously approved the merger agreement of each company, and the transaction is targeted to close in the fourth quarter of 2021, subject to certain approvals. Read More>>
UBS sells Spanish wealth management business to Singular Bank
UBS is selling UBS Gestion to Singular for an undisclosed sum. The deal follows UBS’s exit from Austria last December when it sold its operation catering for wealthy clients to Liechtenstein-based private bank LGT. UBS’s asset management and investment banking businesses in Spain were not part of the transaction. Read More>>
Executive Movement
Axis Bank appoints Anoop Manohar as Chief Marketing Officer
Manohar has joined Axis Bank from The Coca-Cola Company, where he handled the marketing of Indonesia, Singapore, Malaysia, and Papua New Guinea. He was associated with the company for nearly a decade. He also worked at Hindustan Unilever (HUL), where he was the Drug Channel Project Lead. At PepsiCo, he was the Sales Manager. Read More>>
Barclays appoints Bruce Hart as Head of Investment Banking, Africa
Bruce joins Barclays from Standard Bank, where he spent the last 19 years, having joined as a Manager in its Structured Debt Finance team. In his new role, he will lead the coverage of Africa-based clients, working in partnership with our country, product and sector heads. Read More>>
Investec appoints new Chief Marketing Officer
The company appointed Abey Mokgwatsane as the group’s Chief Marketing Officer. Mokgwatsane has held leadership positions at some of South Africa’s leading companies and advertising agencies. Most recently, he was the Managing executive responsible for brand marketing and communications at Vodacom. Read More>>
Deals and Deal Renewal
Green Dot selects Temenos for digital banking
Green Dot has enlisted Temenos Banking Cloud as its platform of choice to power its direct digital bank and banking platform services partners, enabling more feature-rich, secure, and streamlined banking and payment experiences for customers. Green Dot will embed its financial services into the cloud solution, including credit, payment, lending, and other features. Read More>>
Mastercard strikes a deal with Bakkt to bring Crypto services to the US
The company has entered into an agreement with crypto-wallet platform Bakkt to allow merchants, fintech firms, and banks to accept and extend a broad set of solutions and services involving cryptocurrencies. Read More>>
Klarna strikes BNPL deal with Stripe to boost sales for retailers
Following the deal, global retailers that use Stripe can integrate Klarna’s payment methods in all markets where Klarna is active. Klarna uses Stripe’s infrastructure as a preferred payments partner to accept credit card payments from consumers in the US and Canada. Read More>>
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Latest Industry Insights from Draup Braindesk

From Account Intelligence: 

Credit Suisse

  • Continues to invest in China amid the modernization of local financial service markets. 

  • Keen on enhancing payment simplification and mortgage protection solutions to provide a personalized client experience and cover their mortgages against financial risks. 

  • Reporting and Analytics, and Digital Services contribute to 17% of the total outsourcing segments 

  • Keen to provide pensions, investments, and mortgages features and hasten banking business with personal advisory services through the digital banking application. Service Providers with rich expertise in digital banking solutions would be apt to serve Credit Suisse. 

Use Cases 

  • Blockchain For Trade Finance- Credit Suisse Asset Management enables investment fund trades, an unspecified number of trades, and removes duplicate datasets for transparent finance operations through a Blockchain-based platform. 

  • Wearable Banking- The company partnered with SwatchPay to keep the wearable under the contactless payment terminal to complete the transaction using NFC technology. 

Key Funding Alert

Fintech Galaxy secures USD 2 Mn in seed funding to support its Open Finance Platform 
Fintech Galaxy is focused on creating an Open Finance platform that will provide customer data from partner banking institutions via its Open Banking APIs while enabling application developers to create new apps and solutions. Read more>>

Startup Spotlight

Company – Rupifi
Total Funding  USD 5.78 Mn
About: Rupifi is a digital B2B platform that offers loans, working capital, and payment services to small businesses. It also provides digitalized payment solutions, including payment gateways, virtual accounts, recurring payments, and reconciliation. Read more>>

Latest Reports Published in Draup

US Bank Account Intelligence Report: U.S. Bank intends on enhancing security card solutions, expense management tools, payment infrastructure, Application Programming Interface (API), savings tool, invoice processing, and customer service. U.S. Bank is also keen on providing digital banking tools, reward benefits, video streaming technology, and cash application solutions. Read More>>
Canara Bank Account Intelligence Report: Canara Bank focuses on Business Expansion and Paperless Banking to offer financial support and enhance secure digital banking facilities and card transactions during the COVID-19 pandemic. Canara Bank continues expanding its retail portfolio and strives to provide seamless credit delivery to customers in a hassle-free manner. Read More>>
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