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.

SUNRATE, a Singapore-based payment and treasury management platform, is bringing Apple Pay to its customers, offering a safer, more secure and private way to pay, and using the iPhone’s power to protect each transaction.

Now, SUNRATE customers can use an iPhone or Apple Watch at payment terminals to make contactless payments. Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or a device passcode, as well as a one-time unique dynamic security code.

Customers can also use Apple Pay on iPhone, iPad, and Mac to make faster and more convenient purchases in apps or on the web in Safari without having to create accounts or repeatedly type in shipping and billing information.

Qincheng Wang, head of product at SUNRATE, commented: “More and more businesses seek out the same degree of convenience and security that they enjoy in their everyday personal transactions – therefore, even though we are known to be a global B2B payment platform, we’re thrilled to bring Apple Pay to our customers.

“Ever since SUNRATE started issuing commercial cards, it has been all hands on deck to expand our offerings and bring even more features to our customers – the support of Apple Pay is part of SUNRATE’s global vision to drive B2B digitalisation for businesses worldwide.”

Maximising payment security

SUNRATE commercial cards enable customers to settle card spends in more than 15 currencies, as well as customise key parameters such as card limits and expiration dates.

SUNRATE explained that it chose Apple Pay due to its security and privacy benefits. When customers use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device or Apple servers. Instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element, an industry-standard, certified chip designed to store the payment information safely on the device.

Customers can also generate real-time transaction statements, and cater to various reconciliation needs. SUNRATE is certified to the international financial data security standard: Payment Card Industry Data Security Standard (PCI DSS) Level 1.

As global fintech investment levels are projected to rebound in 2024, offering numerous firms the opportunity to expand their services, one sector stands out for its resilience amid recent challenges: the global foreign exchange (FX) services market. With new players poised to enter the space, Currencycloud, a Visa solution, has released a new book guiding organisations on how to navigate and succeed in their FX endeavours.

The e-book FX for Business, for Dummies, explores the technical nuances of FX, a global market valued at $7.5billion by The Business Research Company. The book covers a spectrum of topics, ranging from risk management strategies to hedging mechanisms, shedding light on how advanced analytical tools, market forecasting, and liquidity management can significantly influence the success of businesses operating within this space.

The five key talking points covered in the book:

• Embracing the benefits of FX
• Generating revenue with FX
• Growing and scaling your business through FX
• Looking to the future through FX modernisation
• Ten FX challenges

Understanding the basics and benefits of FX

FX for Business, for Dummies is tailored for those looking to transition a segment of their business into the FX arena, scale up existing FX operations, or prepare for cross-border business opportunities. While primarily aimed at this audience, it also accommodates those wanting to enhance their understanding of FX, regardless of their expertise.

Before delving into the advantages of FX, Currencycloud lays the groundwork by explaining the fundamental principles of FX, including its trading mechanisms and an overview of the eight major currencies. Additionally, it outlines the three primary approaches to FX for companies:

• Building a proprietary platform, which can be resource-intensive;
• Purchasing an all-in-one solution for rapid deployment, albeit with limited flexibility or:
• Collaborating with industry experts to develop tailored solutions that evolve alongside business needs.

The book emphasises there is no universal solution for FX endeavours and that it is important to conduct thorough research before selecting a partner. Ultimately, the chosen partner should align with the business’s goals and have the capability to serve its customers effectively. Currencycloud emphasises the significance of prioritising the customer journey from the outset, highlighting how cost efficiencies in FX can drive revenue growth and elevate the overall customer experience.

Generating revenue with FX

While it’s tempting to suggest that entering the FX space automatically translates to new revenue streams, the reality is far more nuanced. The book explores how firms can manage exchange variabilities while reducing cost, primarily noting that firms should harness hedging strategies and diversify their currency holdings.

In the recognised ‘For Dummies’ style, Currencycloud leaves symbols next to certain points showing important tips, things to remember and warnings. One of the key revenue-generating strategies highlighted is the importance of forging robust banking partnerships. Collaboration with banks facilitates  smoother introductions, creating favourable conditions for businesses’ FX operations.

Once management strategies are understood, the focus shifts to optimisation. Currencycloud notes that businesses must grasp the dynamics of FX costs and strategically approach cost reduction. However, revenue optimisation comes with inherent risks. The book provides solutions to mitigate these risks, such as limiting exposure through spreads. By capitalising on competitors’ mistakes and utilising strategies like rolls – where open FX positions are adjusted at the settlement date – businesses can further enhance their revenue potential.

However, there are big risks involved with rolls. Businesses must remain aware of prevailing interest rate differentials of their currencies. Otherwise, a negative interest rate differential can result in a cost to the business.

Growing and scaling a business through FX

The FX space is often perceived as complex, yet it is incumbent on a business to shield their customers from these complexities. As a result, we believe that the user experience should be the top focus, even when exploring cross-border payment solutions which can be difficult.

Technology is a pivotal tool in ensuring smooth FX processes for firms. Forward trades, enabled solely through technology, offer a year-long security blanket, helping create the assurance and stability firms need in their financial endeavours. While these trades help mitigate adverse currency movements, they also can restrict access to favourable ones, prompting firms to assess the necessity of added security in advance.

Despite the benefits of technology, we believe true success hinges on meeting customer expectations. Regardless of the FX approach adopted, a robust platform fosters smoother transactions, thereby facilitating consumer loyalty. Moreover, by offering competitive rates and avoiding exorbitant fees, firms solidify their standing with consumers.

The book also underscores the importance of transparency in meeting consumer expectations. A key component of maintaining consumer loyalty is to be transparent and to communicate fees and rates clearly. Not doing so may lead to a loss of trust and a decline in customer growth and retention.

FX for Business, for Dummies crucially identifies that transparency is a must when it comes to consumer expectations. Opaqueness can result in potential legal issues in addition to a loss of trust. To avoid this, we reiterate the importance of fees and rates being clearly communicated.

Another warning surrounds a lack of communication between businesses and consumers. Providing channels for customer feedback is important. Furthermore, it is paramount to take action on the feedback to help maintain  a low churn rate.

Looking to the future

There is no downtime in the FX world. As noted by Currencycloud, “the weekend presents a golden opportunity for businesses engaged in FX”. This is especially the case if global events, political shifts and economic indicators take place over the weekend when others may be switched off.

Currencycloud cautions that while digital banking has a massive role to play in the future of FX, firms must understand how to manage it properly. With the correct management and forethought in place, digital banking can massively enhance customer experience, giving them the freedom and accessibility 24/7.

Overcoming hurdles

The book concludes by analysing some challenges that may appear for firms looking to enter the FX world. While many hurdles are immediate concerns, others may surface as firms set up their FX practices.

Among these challenges, Currencycloud identifies choosing the right partner as the key thing to remember. “The right partner should align with your business goals and needs, providing not just services but also strategic support to help your business thrive in the global market.”

View the full e-book FX for Business, for Dummies by Currencycloud, a Visa solution

Best Practice Disclaimer

These materials and best practice recommendations are provided for informational purposes only and should not be relied upon for marketing, legal, regulatory or other advice. Recommended marketing materials should be independently evaluated in light of your specific business needs and any applicable laws and regulations. The Currency Cloud Limited and its affiliates are not responsible for your use of the marketing materials, best practice recommendations, or other information, including errors of any kind, contained in this document.

The Cambridge Centre for Alternative Finance (CCAF) has launched a new tool providing real-time data and educational resources on digital money with an initial focus on stablecoins.

The stablecoin market has surged from less than $3billion in 2019 to more than $130billion in 2024. This rapid expansion has been accompanied by several market events that have caused major depegs in various stablecoins, prompting a heightened effort towards regulation and supervision.

Catering to policymakers, financial professionals, as well as the general public, the ‘Cambridge Digital Money Dashboard’ offers insights into stablecoin adoption, risks, regulatory frameworks and more.

In its first release, the Cambridge Digital Money Dashboard – an open-access digital tool – covers the most prominent stablecoins that together constitute approximately 95 per cent of the overall stablecoin market cap. The data is updated regularly (hourly or daily via API) and is scalable, with future updates to include expanded data on primary use cases of stablecoins and geography-related datasets.

It enables users to discover some of the foundational adoption metrics such as aggregate stablecoin supply and value of transfers over time. The addition of velocity metrics also helps users identify changes in stablecoin usage patterns during important market events, further highlighting stablecoin holders’ preferences during times of turmoil.

Future releases will also include a context and comparisons section to provide the general public and financial professionals with easy-to-understand analogies to traditional finance, as well as a deep dive into the use cases of stablecoins.

Shedding light

Bryan Zhang, co-founder and executive director of the CCAF, said: “With the incredible growth and increasing adoption of stablecoins as well as the rapid development in CBDCs, tokenised bank deposits and cryptoassets, the landscape of digital money is changing before our eyes.

“The Cambridge Digital Money Dashboard aims to shed a light on that evolving, complex and fluid landscape, and underscores our continued efforts to inform evidence-based decision-making by leveraging the power of empirical data and collaborative research.”

The empirical data for the dashboard is sourced from various providers – including Lukka, Coinmetrics and Glassnode – as well as open sources, such as stablecoin issuer websites and legislative documents in select jurisdictions.

The Cambridge Digital Money Dashboard is a research output of the Cambridge Digital Assets Programme, a multi-year research initiative hosted by the CCAF in collaboration with 18 prominent public and private institutions.  CCAF is part of the Cambridge Judge Business School at the University of Cambridge.

CDAP’s founding institutional collaborators include Bank for International Settlements (BIS) Innovation Hub, British International Investment (BII), Dubai International Finance Centre (DIFC), EY, Fidelity Investments, UK Foreign, Commonwealth & Development Office (FCDO), Goldman Sachs, Inter-American Development Bank (IDB), International Monetary Fund (IMF), Invesco, Mastercard, MSCI, Visa and World Bank. Four new members have recently joined the effort: NatWest, Switzerland’s State Secretariat for Economic Affairs (SECO), Euroclear and the Depository Trust & Clearing Corporation (DTCC).

Amarjit Singh, EY EMEIA Assurance blockchain leader, comments: “At the time when the Bank of England and the FCA are consulting on stablecoins, it is great to have a tool that helps all stakeholders in the ecosystem understand, learn and also reflect on the data that is available on digital money.”

While open banking and open finance may seem appealing to some, barriers to adoption are keeping the technology from being widely accessible. Looking to remove this hurdle, Moneyhub has launched its latest API ‘Recipe’, Fact-finder. The ‘Recipe’ ensures plugging into existing systems and solutions is easy. 

Data and payments fintech, Moneyhub is enabling businesses to move beyond the time-consuming manual fact-finding process when onboarding new customers and clients. By using the Fact-finder API Recipe, firms can benefit from the immediacy and accuracy of real-time data available through open finance. Access to a holistic and real-time view of customer finances can result in more personalised and wide-reaching impactful services and solutions.

Kim Jenkins, MD of API at Moneyhub, comments: “We know that the fact-finding, onboarding and ongoing reviews can be hugely onerous and time-consuming for businesses and their customers. With open finance, this process can be automated and improved so businesses benefit from access to holistic and accurate real-time data at the point of onboarding and throughout the relationship with the customer.

“We hope this will help improve efficiencies and facilitate more purposeful and useful digital experiences for customers.”

Personalised insights

While this solution can be utilised by businesses no matter the size or sector, it is especially useful for those in sectors such as financial advice and wealth management. In these fields, the onboarding process can be particularly onerous, and the benefits of a more hyper-personalised service can be seen more evidently.

Indeed, the Fact-finder API Recipe offers businesses deeper and richer customer insights. These include connections to investments, pensions, properties, and mortgages. As a result, customers can gain access to relevant and timely products suited to their individual requirements.

Through the Moneyhub Fact-finder recipe and its AI-driven nudge technology, businesses can provide their customers with personalised insights to help them understand their evolving financial situation and options, and vice versa. For example, nudges can immediately notify financial advisers of pertinent information and changes to their customers’ circumstances to ensure advice remains appropriate.

The cryptocurrency mining platform Antpool released an update on Nov. 30, saying it will refund the gas fee of 83 Bitcoin (BTC). 

It said its risk control system temporarily froze the fee when packaging the transaction, and therefore, after the affected user verifies their identity, it will refund the fee.

The affected user has until 00:00 (UTC+8) on Dec. 10 to submit their details to Antpool via preparing a signing tool, either Electrum or Bitcoin Core, and then using a private key of a wallet address given by Antpool sign the message with the code “AntPool.”

On Nov. 23 one Bitcoin user on the platform was charged a gas fee of 83 Bitcoin (BTC), which at the time equaled roughly $3.1 million, for a transfer of 139 (BTC).

Related: Bitcoin ETF race gets 13th entrant, BlackRock revises ETF model