This week in BFSI: FinTech leverage cross-sector partnerships to build innovative financial solutions.

Centre Setup and Expansion
Siam Commercial Bank opens in Myanmar 
Siam Commercial Bank Myanmar will leverage its digital banking expertise and strength to elevate financial products, services, and payment systems in Myanmar to fulfill the ASEAN group’s business requirements. The bank will capitalize on SCB’s branch network by bridging regional trade and investment relations among the CLMV+2 countries. Read More>>
Glenfarne Group and Partners Group announce EnfraGen awarded LatAm power deal of the year 
The transaction included a USD 1.76 bn debt raise comprising a USD 710 Mn offering and a USD 1.05 bn bank debt package. The Partners Group was acting on behalf of its clients. It announced that it had been awarded the “LatAm Power Deal of the Year” by Project Finance International (PFI). Read More>>
Turkey to sell 2026, 2031 bonds via Citigroup, Goldman, JPMorgan 
Turkey’s Treasury and Finance Ministry hired Citigroup, Goldman Sachs, and JPMorgan for the dual tranche. It is re-entering the international bond market as it seeks to take advantage of an improvement in global risk appetite. Read More>>

HSBC’s PayMe for business partners with GOGOX 
GOGODeliery’s GOGOX mobile app will integrate PayMe to give users a payment option for a door-to-door delivery service, further enhancing user experiences through innovative technologies. Read More>>
Walmart partners with Western Union for money transfer service 
Western Union promises payouts “in minutes” to more than 550,000 retail locations, along with billions of consumer bank accounts, digital wallets, and cards around the world. Dallas-based MoneyGram renewed the contract with Walmart for three more years. It already manages a cash transfer service that is available to customers from 4,700 US stores. Read More>>
PayPal’s Xoom adds UPI payments to allow NRI’s to remit money to India instantly 
PayPal’s international digital money transfer service Xoom integrated with UPI. With this integration, NRIs and PIOs living in the US, Canada, and Europe only need to know the Indian receivers’ UPI ID to send remittances instantly. Read More>>
Chubb and Revolut partners to provide broader coverage to the fintech customers 
Insurance giant Chubb will offer Revolut customers insurance products like payment protection, refund protection, and ticket cancellation. The new policy also covers confirmed Covid-19 diagnosis and cannot use event tickets purchased using their Revolut account. Read More>>
Goldman teams up with Marqeta to build checking accounts 
Goldman Sachs will build checking accounts with the card-issuing startup Marqeta set to launch in 2021. It will enable it to create personalized and feature-rich digital banking services for its customers. Marqeta’s backers include Mastercard Inc and Visa. Read More>>
Mastercard and USAID partner to launch Start Path Empodera  
The collaboration under the Women’s Global Development and Prosperity (W-GDP) Initiative will launch Start Path Empodera, a business accelerator to focus on promoting women’s entrepreneurship and financial inclusion in Colombia. Read More>>

Mergers and Acquisition
Bank ABC agrees to acquire Blom Bank Egypt 
The proposed cash consideration to be offered by Bank ABC for 99.4% of Blom Bank Egypt under the acquisition is Egyptian Pound 6,700 Mn. The acquisition is expected to complete in Q2 2021. Read More>>
PayPal becomes first foreign firm in China with full ownership of payments business  
PayPal acquired the remaining 30% stake in China’s GoPay, formally known as Guofubao Information Technology Co., for full ownership, according to shareholder data from the National Enterprise Credit Information Publicity System. PayPal will compete with payments giant Alipay and WeChat Pay.  Read More>>
Executive Movement
IDBI Intech appoints Suresh Khatanhar as Chairman of the board 
Suresh comes with more than 36 years of commercial banking experience and has held various leadership positions within IDBI Bank over the past decade. IDBI is already harnessing AI and ML for cognitive breakthrough innovation to provide a good digital customer experience. Read More>>
Santander UK appoints former HSBC exec as the new Chief Data Officer 
Rakshit Kapoor will develop Santander’s data strategy, organization, operating model, technology, and governance. He will also lead the creation of a data and analytics center of excellence, bringing together multiple disciplines from across the bank into a single team. Read More>>
RBL Bank Ltd reappoints Mr. Vishwavir Ahuja as MD & CEO 
On the recommendation of the Nomination and Remuneration Committee, the Board of Directors of RBL Bank Ltd. has approved the re-appointment of Mr. Vishwavir Ahuja, a seasoned banker with over 38 years of experience in banking, economics, finance, risk management, HR, and business management, as the MD & CEO from June 30, 2021, to June 29, 2024. Read More>>
World Bank taps Michel Kerf to head Central America, Dominican Republic 
Kerf is responsible for the six Central American countries of Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, and the Dominican Republic in his new role. The World Bank works in these countries, comprising an active portfolio of 43 projects worth USD 4.7 Bn.  Read More>>

Barclays advises BBVA to lay off some 3,000 workers in Spain 
Barclays has advised the group, chaired by Carlos Torres, to implement an Employment Regulation File (ERE) of 10% of its workers in Spain (about 3,000 people) by taking advantage of the excess capital that it will have once the sale of its business in the US, to increase its profits by 6%. Read More>>
Product Launch
Top Russian bank Sberbank plans to launch its stablecoin by spring 2021 
The bank applied with the Central Bank of Russia to launch a blockchain platform for its “Sbercoin” stablecoin. It is working out how to tax Sbercoin. The launch comes shortly after adopting Russia’s crypto law on Jan 1, 2021, which is expected to surge crypto’s issuance. Read More>>
Headlines From The Startup World
Startup Spotlight
Latest Insights & Reports

Ally Financials account intelligence report Ally Financial offers new and used vehicle inventory and customer financing, leasing, inventory insurance, commercial loans, and vehicle marketing services. Its revenue increased by 4% in FY 2019 compared to FY 2018 due to growth in automotive finance and insurance segments. Read more 

The Goldman Sachs Group, Inc. account intelligence report Goldman Sachs invests USD 74 Mn on Mercado Pago to expand loans granted for working capital to entrepreneurs and small businesses in Brazil. Draup analyzed the group’s recent investments and strategic business priorities to better understand their immediate focus areas and future bets. Read More

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