Thanks to a new partnership with payments giant Mastercard, ABHI, an embedded finance platform backed by Hub71, is offering its users access to Mastercard’s ‘Salary Advance Cards’.

ABHI explained it hopes the move will make international and domestic online payments more accessible for its earned wage access (EWA) users. Users will now be able to order the new Mastercard-powered card using the ABHI mobile app or 24/7 call centre.

By leveraging Mastercard’s technology and solutions, ABHI will enrich its suite of products and services to ensure safe and quick transactions for its users. As Mastercard and ABHI unite to advance financial wellness across the region, this partnership also signifies a leap toward fostering a secure digital economy.

Gina Petersen-Skyrme, VP and country business development lead, UAE & Oman at Mastercard, commented: “Mastercard is committed to leveraging cutting-edge technologies to develop new payment solutions that offer unprecedented convenience and security, with the aim of enhancing consumer experience and driving financial inclusion.

“With innovation and efficiency at its heart, our latest partnership with ABHI connects the fintech pioneer’s customers to our extensive global payments network, providing them with a whole new level of flexibility.”

This collaboration also marks a milestone in modernising the payment infrastructure and emphasises a shared commitment to empowering individuals and driving positive change in the financial landscape of the UAE and beyond.

Redefining ‘financial empowerment’

Omair Ansari, co-founder and CEO of ABHI, also discussed the partnership: “At ABHI, we’re embarking on a journey with Mastercard to redefine financial empowerment.

“Our partnership introduces Salary Cards powered by Mastercard’s technology that enables our users to make local and international payments, ushering in a new era of seamless transactions for working individuals.

“This collaboration fosters financial wellness and ignites transformative change, propelling us toward a brighter, more inclusive financial future for all.”

Since its launch in 2021, ABHI has already emerged as a prominent fintech company, earning recognition as one of the Future 100 companies in the UAE. It was also the first to receive the Technology Pioneer 2023 Award by the World Economic Forum. ABHI offers a comprehensive suite of products and services, including EWA, payroll solutions, and SME financing.

This latest partnership aims to strengthen the digital payment infrastructure, facilitate future transaction expansion, as well as promote financial inclusivity.

Instant Financial, a responsible earned wage access (EWA), electronic tips, and paycard solution provider, has released its new mobile app and enhanced mobile wallet functionality, providing employees with a faster, more secure app experience, and offering more flexibility in how they receive their pay.

Understanding that over 50 per cent of Americans would likely avoid major financial pitfalls if they could instantly access a portion of their pay after every day’s work, the new Instant mobile app is narrowing this financial gap by placing financial empowerment directly into the hands of employees.

The beta version of Instant’s app debuted in October at the 2023 HR Tech Conference & Expo, where event attendees were provided a sneak preview of the app’s new capabilities and functionality.

Tal Clark, CEO of Instant Financial, commented on the launch: “Employee demands regarding how they access their wages are constantly shifting, and our new app is meeting that head-on. Whether it’s to cover unexpected expenses, avoid predatory loans, or simply to enjoy more control over their finances, Instant is continually revolutionising the way people get paid.”

Utilising earned wage access

Designed with accessibility and financial freedom in mind, Instant’s new mobile app boasts a range of new features and functionality including:

• Faster Access to Earned Wages: Employees have access to their hard-earned wages in fewer steps, with an improved user interface (UI) and key elements surfaced more prominently within the app.
• Modern Security Features: State-of-the-art security protocols, such as facial and fingerprint biometrics, multi-factor authentication, and encryption technologies protect user information and provide peace of mind.
• Flexible Payment Options: Users have the freedom to choose how and when they access their wages. Whether it’s through direct deposit, the Instant card, or a mobile wallet, the new app offers a greater degree of flexibility for all employees, ensuring convenience for all.
• Clear and Informative Design: With improvements to the user interface (UI), the app offers a user-friendly experience, empowering users to make informed choices and navigate the app confidently.
• New Technology Framework: Underpinned by a new technology infrastructure, the new Instant app is faster, more responsive and built to allow for additional features and functionality to meet the needs of employees and how they are paid.

By releasing this enhanced version of its mobile app experience, Instant is furthering its mission of delivering pay to employees, when they want, where they want, and how they want, free of fees.

The American Fintech Council (AFC), the industry association representing responsible fintech companies and innovative banks, offered testimony before the Washington State House Committee on Consumer Protection and Business recommending key amendments to legislation recently introduced.

Phil Goldfeder, AFC CEO and former member of the New York State Assembly, appeared in Olympia where he urged legislators to amend legislation. The reasoning behind it, is to better protect Washington families without stifling innovation, competition or access.

“As a former state representative, I understand how pragmatic legislation, when implemented correctly can change the lives of the families we represent but I’ve also seen the unintended consequences,” said Goldfeder.

“Not all fintech is created equal. AFC’s diverse members represent a cross-section of responsible fintech companies that embrace transparency and are rooted in regulatory compliance and consumer protection. They are committed to working with state policymakers and regulators to develop reasonable regulation that balances consumer access to financial services with strong and appropriate consumer protections.”

AFC testified before the committee and commended the inclusion of a 36 per cent interest rate cap on predatory payday loans but offered important suggestions on HB 2083 and HB 1874 specifically related to the proper understanding and nature of the relationship between responsible community banks and their fintech partners. Creating access to credit without compromising on consumer protection or regulatory compliance is critical when drafting, passing, and implementing new state legislation and regulation.

Earned wage access or loan?

In addition, AFC raised concerns related to the expansion of certain lending definitions that would mischaracterise earned wage access (EWA) products as loans.

“EWA is not a loan and should not be regulated as such,” said Goldfeder in his remarks before the committee. “These bills would expand the language related to lending that would inadvertently apply Washington’s lending statute to EWA, and, in turn, limit the ability for EWA providers to offer their products to Washington consumers. We developed standards for the EWA industry and would support robust regulation specifically related to this emerging product.”

EWA services provide employees access to wages they have already earned before arbitrary biweekly or monthly pay periods and serve as an important alternative to predatory high-cost and payday loans.

Additional standards recently released by AFC include strong transparency and disclosures, non-recourse, no interest, late fees or penalties, no debt collection, no credit reporting, no collection activity of any kind, and a requirement that a ‘no cost’ option be offered to all EWA users.

AFC is committed to supporting its members who believe in regulatory standards that balance access to financial services, innovation, and regulatory compliance. Their advocacy is paving the way for the future of financial services.

The Bitcoin (BTC) mining community recorded its annual all-time high (ATH) on Nov. 12 after raking in over $44 million in block rewards and transaction fees. 

The revenue from Bitcoin mining primarily comes from rewards for confirming Bitcoin transactions and creating new blocks using high-tech computer equipment known as mining rigs. Miners currently receive 6.25 BTC for every successful block creation in addition to the transaction fees. 

On Nov. 12, the daily Bitcoin mining rewards crossed $44 million for the first time in 2023, a number last seen in April 2022, according to data from blockchain.com. 

In between the timeline of April 2022 and November 2023, several factors contributed to the dip in the revenue of Bitcoin miners globally. They include a prolonged bear market, negative investor sentiment around scams and ecosystem collapses and unfriendly regulations that prevent investors from transacting Bitcoin freely.

However, 2023 saw an overall trend reversal as crypto entrepreneurs took charge of the situation and helped regain investor confidence. As a result of rising market prices coupled with growing interest among the masses, the mining community witnessed a year-long increase in revenue.

Marathon’s Q3 Earnings Release is here:
– Revenue of $97.8M, due to 467% increase in #Bitcoin production and higher BTC prices.
– Adjusted EBITDA improves to $43.7M.
– 8% increase in hash rate; expanding with hydro-powered ventures in Paraguay.
– Long-term debt reduced by 56%,…

— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) November 8, 2023

Bitcoin mining firm Marathon Digital Holdings reported a revenue surge of 670% year-on-year in the third quarter of 2023 amid a nearly five-fold increase in Bitcoin production.

Related: Bitcoin miners double down on efficiency and renewable energy at the World Digital Mining Summit

Alongside Bitcoin mining companies and individual miners, numerous countries actively participate in securing the Bitcoin network via mining.

Recently, Cointelegraph reported that the landlocked Asian country of Bhutan has been actively mining Bitcoin with hydropower since BTC price was $5,000 in April 2019.

The kingdom has reportedly explored partnerships to expand its mining operations further. Notably, it is negotiating with Nasdaq-listed mining company Bitdeer to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan. This partnership would increase Bitdeer’s mining capacity by about 12%.

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