A new coalition uniting blockchain foundations, universities, and NGOs in a commitment to leveraging blockchain technology for social good has been announced. Partnering with Web3 communities, crypto exchange Bybit has unveiled the Blockchain for Good Alliance (BGA).

Addressing a gap in the Web3 industry, the Blockchain for Good Alliance will use the innovations and opportunities of blockchain and crypto ecosystems to power social advancement and tackle issues. In collaboration with its partners, Bybit will drive change by using Web3 technology to open the future of finance to more people.

Aims for the alliance

The alliance will focus on offering blockchain technology training, boosting projects aligned with social betterment, managing initiatives, and providing financial backing to ensure the success of impactful projects. Bybit will spearhead discussions, promote hackathons, and offer its extensive expertise to develop technical and project management skills among partners.

Speaking at a live workshop at Blockchain Life Dubai 2024, Bybit COO Helen Liu addressed the inspiration behind the initiative. “Blockchain developers often tell me that they are lonely; that Web3 is still a niche pursuit,” Liu said.

“So I wanted to find a way to help them find an audience who are new to Web3 and in this way support solutions that benefit and grow the whole ecosystem. The Blockchain for Good Alliance embodies this journey. It sets a course for a more inclusive world where blockchain technology better serves humanity.”

Bybit’s role extends beyond the creation of the alliance; it is committed to being the bridge connecting users to the potential of Web3 through simple, accessible, and innovative products. With over one million Web3 wallet users, partnerships with projects like Solana and 1inch, and a comprehensive array of educational initiatives, Bybit, a.k.a the Crypto Ark, is not just navigating the present but charting a course for a more impactful future.

Globally, B2B travel transaction volumes are projected to reach $1.7trillion by 2027 with the APAC region in the lead as the fastest-growing market expected to reach $480billion in the same year. However, research from payments processor, Thredd has revealed that 60 per cent of online travel agencies are struggling to find qualified payments partners to help them capitalise on potential growth. 

The opportunity is ripe for payments players who can solve common payments challenges. However, OTAs need help from their payments partners. According to the Thredd report, there are five main ways that payment innovation can be improved to help the travel sector:

• Improving customer experience
• Reducing costs
• Improving cashflow
• Reducing risk
• Greater transparency

Thredd interviewed several clients as part of the report including leading cross border and travel payments businesses, Nium and Caxton.

Spencer Hanlon, global head of travel payments at Nium, stated: “In this age of innovation, travel payment processes remain stuck in the past. Online travel agents and intermediaries demand flexible, secure, and cost-effective ways to pay and get paid.”

Modern solutions 

The report highlights how many businesses are introducing modern solutions such as virtual cards to reduce fraud and other issues highlighted in the report including traceability and speed.

Alana Parsons, chief operating officer at Caxton, commented: “A good payment solution should not only facilitate transactions but also contribute to process efficiency, enhance the customer experience, and help manage costs effectively. Look for a partner with thorough knowledge of the travel industry and the ability to customise solutions to your specific requirements.”

The report also showcases how partnerships can benefit OTAs. Thredd notes that key criteria for selecting a travel payments partner involves looking at a firm’s experience. Looking at past, present and longstanding clients is a must to understand how a partner functions.

Furthermore, a partner should bring other names to the table. The report reveals that a partner should combine efforts with others in order to create a better offering, as it is increasingly unfeasible for one provider to do everything.

Identifying how a partner designates requirements, roles and responsibilities is also key in understanding if they will be a good fit for an OTA. This is in addition to risk and fraud management, vision and a post-launch strategy.

Capitalising on a growing customer base

When further considering opportunities to serve the travel sector the payments industry is increasingly looking at the corporate expenses experience, with the market expected to grow at a CAGR of 11.5 per cent through 2028. For payments businesses who can deliver more efficient and transparent processes there is a growing customer base as more personnel return to travel and businesses in emerging markets expand.

Jim McCarthy, CEO of Thredd said: “One important impact of the technological advances in the travel industry is the emergence of new players – many of which we are proud to support – that are helping travel providers streamline the myriad systems, players, standards and options at play within the payments ecosystem, particularly with the growth of country-specific financial regulation.”

SurePay, the IBAN-name check provider, confirmation of payee (CoP) and verification of payee (VoP) to over 100 banks, has expanded its services following a strategic agreement with Swift, the messaging network, and the integration of Swift’s payment pre-validation service.

By collaborating with Swift, SurePay can now service banks on a domestic, pan-European and global scale, boosting the security of their financial transactions. SurePay’s VoP name-matching solution will operate domestically and cross-border, hoping to empower European, British and global banks to pre-validate international payments.

SurePay offers real-time verification of IBAN and beneficiary names based on live data sources to validate key payment information before initiating a transaction. It developed the service to help PSPs add a crucial layer of verification and risk mitigation to financial transactions.

Swift’s payment pre-validation service with Beneficiary Account Verification complements this capability, taking SurePay’s services to a global level.

Bridget Meijer, manager of new markets and partnerships at SurePay, explained the benefits the partnership could help it offer: “At SurePay, we’re committed to having the technology in place to protect our customers from fraud, misdirected payments, and unnecessary and costly friction.

“Swift’s strategy to enable instant and frictionless payments and SurePay’s commitment to providing the best-in-class name-matching solution make for a powerful partnership. We look forward to continuing our mission and journey globally alongside Swift.”

SurePay will leverage Swift’s extensive network of 11,500 institutions across more than 200 countries to bring the benefits of its enhanced VoP service to a broader European and global audience.

Ensuring interoperability between CoP systems

Thomas Peeters, head of Benelux, Nordics and Baltics at Swift, explained: “Simple mistakes are the cause of huge delays in cross-border payments. Swift’s payment pre-validation solution utilises local CoP/VoP responses and the pseudonymised and aggregated data from across our network to ensure beneficiary information is correct before a payment is executed.

“With Europe adopting instant payments regulation that includes a requirement to pre-validate beneficiary account information, interoperability between CoP systems is a simple way to maintain compliance and ensure the smooth and scalable flow of pan-European and cross-border payments.”

SurePay customer Rabobank is one of the PSPs that has already integrated Swift’s solution into its Confirmation of Payee system to enable foreign banks to pre-validate payment data.

Ton Versteeg, specialist payments/market infrastructures at Rabobank, also commented: “As a member of the Payment Pre-validation community, we at Rabobank understand the value we can bring as a data provider on the service.

“We’ve integrated Swift’s solution into our existing domestic Confirmation of Payee system, SurePay, to help banks beyond our borders pre-validate if their payment data is correct. Doing so greatly expands the impact that domestic systems can have in tackling fraud and reducing cross-border transaction friction and operational costs.”

Paymob, a provider of financial services in the Middle East, North Africa, and Pakistan (MENAP), has teamed up with MID Takseet, a consumer finance company, to enhance access to consumer finance solutions in Egypt.

Since its founding in Egypt 2015, Paymob’s gateway has offered the largest and most comprehensive number of payment acceptance methods in North Africa, positioning it as a trusted growth partner to businesses of all sizes.

The strategic partnership extends MID Takseet’s flexible payment plans and financing services to Paymob’s vast network of over 250,000 merchants and their customers in Egypt.

In the initial phase, Paymob will integrate MID Takseet into its point of sale (POS) terminals to facilitate in-store card and digital wallet transactions, with online integration slated for the second phase.

“MID Takseet is committed to incorporating cutting-edge technology and payment solutions to enhance our clients’ capabilities,” said Mahmoud El-Ghawas, CEO of MID Takseet. “In partnership with Paymob, a leading payment enabler, we aim to deliver exceptional services, prioritising customer satisfaction at the forefront.

“This collaboration facilitates a seamless purchasing and payment experience through an expansive network of merchants, allowing us to integrate Paymob-affiliated merchants into our network.”

While Gillan Shaaban, CCO of Paymob stated: “We are thrilled to partner with MID Takseet to provide their cutting-edge consumer finance solutions to our merchants. Data shows that when merchants offer their customers a variety of flexible payment options, sales conversions increase by 18 per cent and the basket size increases by 33 per cent, resulting in business growth.

“Our partnership with MID Takseet is another step in Paymob’s mission to enable businesses to compete in the digital economy and contribute to sustainable, inclusive economies.”

MID Takseet offers advanced non-banking financial solutions, fostering growth for businesses and customers. With its programmes, it enhances financial inclusion and aligns with digital trends, establishing itself as a leader in consumer finance. Through its mobile app, MID Takseet also provides installment services for various products, boosting financial flexibility and convenience for users.

CASHIN KSA, a Saudi Arabia-based POS and digital payments fintech, is joining forces with Fils, a climate-positive transaction company helping businesses embed climate positivity into transactions using APIs. The partnership will aim to ‘redefine’ the approach to climate action in the financial sector.

Through the collaboration, CASHIN KSA will aim to empower its network of merchants across Saudi Arabia, by integrating the Fils payments platform. Following this, merchants will be able to accurately track their environmental impact, mitigate their carbon footprint with high-quality carbon credits, and transparently report their progress.

This partnership represents a significant milestone for Fils, which, following its successful ventures with other market leaders in the region, is now expanding its footprint in Saudi Arabia. By leveraging CASHIN KSA’s extensive market reach and established presence, Fils hopes to accelerate its growth trajectory and advance its mission of embedding climate positivity into every transaction.

Nameer Khan, CEO of Fils, said: “Our collaboration with CASHIN KSA underscores our commitment to advancing sustainability in the financial sector and aligns perfectly with our mission to empower businesses to embed climate action into their operations.

“Together, we are not only driving positive environmental change but also supporting the climate goals of the Kingdom of Saudi Arabia, contributing to a greener and more sustainable future.”

Journeying ‘towards a more sustainable future’

This collaboration also underscores CASHIN KSA’s commitment to environmental stewardship and aligns with the kingdom’s ambitious climate goals outlined in Vision 2030. By embracing sustainability as a cornerstone of its operations, CASHIN KSA is not only championing climate action but also contributing to Saudi Arabia’s transformation into a sustainable and dynamic nation.

Omar AlRammah, CEO of CASHIN KSA, commented: “Our collaboration with Fils marks a significant step forward in our journey towards a more sustainable future. By integrating Fils’s cutting-edge technology into our payments infrastructure, we are advancing our commitment to environmental responsibility and paving the way for a greener financial ecosystem.”

As CASHIN KSA and Fils embark on this transformative journey, they remain steadfast in their pledge to drive sustainability, foster innovation, and dismantle barriers to climate action.

Together, they aim to catalyse positive change, not only in the financial sector but also in society at large, by creating a more sustainable and inclusive future for generations to come.

In late December 2023, STICPAY, the global e-wallet service provider and payment gateway introduced new local payment methods for money-in across various countries. Expanding its digital footprint in the payments space, specifically in the Asia region, STICPAY has announced various new partnerships with local payments providers.

Previously, STICPAY had enhanced the user payment experience in Australia, Hong Kong, the Philippines, Singapore, Indonesia, Vietnam, Thailand, Colombia, India, Malaysia and China with its local payment methods. With the newly announced partnerships, STICPAY is making its payments offering more accessible, integrated and cost-effective

Across China, India, Hong Kong, the Philippines, Singapore, Indonesia, Vietnam, Thailand and Malaysia, STICPAY has integrated a wide range of both traditional and challenger local payment methods. These include:

• Alipay and Wechatpay (China and Hong Kong)
• GCash (Philippines)
• PayNow (Singapore)
• QRIS (Indonesia)
• MonoPay (Vietnam)
• PromptPay (Thailand)
• UPI (India)
• TNG Wallet (Malaysia)

Bank transfer and mobile payment, plus many others are also being enabled by the new partnership.

The move by STICPAY means that a broader segment of the Asian population can now benefit from e-wallet services. The integrations also mean that local users in Asia – both individuals and businesses – can use tailored, local payment options that are familiar and convenient to them. This in turn enables them to manage their finances, pay bills and undertake everyday transactions more easily.

The partnerships will also make transitions far more cost-effective. Local payments considerably reduce or eliminate transaction fees compared to international transactions.

APAC and beyond

In addition to the Asian partnerships, STICPAY has also launched new partnerships with local payment providers in Australia (PayID) and Colombia (Nequi) as it looks to expand its partnerships with local payment providers around the world.

According to research from Juniper, more than 60 per cent of the world’s population will use digital wallets by 2026, with emerging markets driving much of this uptake. Indonesia, for example, is forecast to have 202 million mobile wallet users by 2025, with digital wallets helping boost growth in emerging market economics where banking infrastructure is often outdated, inaccessible and poorly distributed.

Sean Park, STICPAY CEO, said: “STICPAY’s introduction of new local payment methods marks a significant stride towards creating a global financial ecosystem that understands and respects users’ unique needs in various countries. By prioritizing convenience, trust, and cost-effectiveness, STICPAY is not just offering a service; it’s fostering a financial experience tailored to the diverse preferences of its users.

“As we move forward, this innovative approach solidifies STICPAY’s commitment to being a leader in the digital finance realm, shaping the future of finance one region at a time.”

Orange Middle East & Africa is joining forces with Microsoft, looking to offer Microsoft solutions to small and medium-sized enterprises (SMEs) in 17 countries across the MEA region. Orange is also partnering with Tencent Cloud, the cloud business of tech company Tencent, to improve its super-app ‘Max it’ for businesses and populations in the region.

By collaborating with Microsoft, Orange MEA aims to address the growing needs of SMEs as they undergo digital transformation. Orange’s existing distribution network in the MEA region will now provide SMEs with easy access to the likes of Microsoft 365, Copilot, Azure, and Dynamics 365 while facilitating the upskilling of Microsoft experts within each country.

Orange and Microsoft will also collaborate on training, marketing, and sales support programmes to enable SMEs to adopt and benefit from Microsoft Modern Work solutions.

Through the collaboration, Microsoft and Orange aim to support 15,000 businesses throughout 2024, with an ambition to reach one million SMEs by providing access to technology, tools and support to accelerate adoption. The goal is to promote digital inclusion and enable all economic players in the MEA region to benefit from the advantages of digital transformation.

Jérôme Hénique, CEO of Orange MEA, explained: “This collaboration with Microsoft is a significant step in our commitment to support the digital transformation of African businesses. By combining our network and Microsoft’s solutions, we can provide SMEs with the tools and guidance they need to thrive in the digital economy.”

Energising ‘innovation and digital inclusion in Africa’

Meanwhile, Orange MEA is also planning to adopt Tencent Cloud’s mobility framework and Tencent Cloud Mini Program Platform (TCMPP) solution to create an open platform for Max it to integrate a wide range of mini-apps within its super-app.

Tencent Cloud’s technological expertise will empower Orange MEA in the field of mini-apps to enrich its Max it ecosystem and improve the customer and partner experience, while strengthening its position in the African market.

Fred Sun, general manager of Europe at Tencent Cloud, commented: “This collaboration represents a unique opportunity to energise innovation and digital inclusion in Africa, facilitating the development of use cases and services tailored to local needs while promoting African entrepreneurship. Our experience in supporting Weixin/WeChat, one of the world’s original super-apps, makes us the ideal partner for Orange. We look forward to working with the African enterprises and supporting its ecosystem through Tencent Cloud’s products and solutions in the near future.”

Hénique also emphasised the important milestone this partnership represents in the development of Max it: “This partnership with Tencent Cloud is a key step in our vision to offer innovative and high-value services to our users. Enriching Max it with innovative mini-apps is essential to strengthen the value proposition of Max it, increase the penetration of our super-app among Orange and non-Orange customers, and amplify our social impact.”

Emirates Skywards, a loyalty programme of Emirates and flydubai, is partnering with Visa, the digital payments giant, to enable it to work on enhancing personalisation and data-driven decision-making. 

Following the partnership with Visa, Emirates Skywards hopes to work closely with co-brand issuer partners across the GCC to increase opportunities for more personalised rewards and products on co-brand card propositions.

Emirates Skywards also revealed it will work more closely with financial partners across the region, thanks to the Visa collaboration. Members will also benefit from enhanced travel opportunities through the optimised use of data, technology, and resources.

Nejib Ben Khedher, divisional senior vice president of Emirates Skywards, commented: “We’re excited to announce this landmark partnership with Visa – a strategic agreement which will unlock incremental value for our loyal members across the GCC and will tighten our collaboration with our banking partners in the region.

“This agreement is a major milestone for Emirates Skywards as it continues to lead the industry with innovative digital-first products and experiences.”

Emirates Skywards and Visa co-branded cardholders can look forward to exclusive offers including accelerating miles-earning opportunities; customised promotions; and other experiences tailored to member preferences.

Saeeda Jaffar, senior vice president and group country manager for GCC at Visa, also added: “This multi-year exclusive deal with one of the largest of its kind worldwide and the largest in scale in the region, is a testament to Visa’s global leadership in travel co-brands and a significant milestone in our journey to enhance the payment experience for travellers worldwide.

“Here in the UAE, our Global Travel Intentions study revealed that 70 per cent of outbound travellers consider digital payments integral to a secure and rewarding travel experience.

“This large-scale partnership is a step towards fulfilling that need and we are thrilled with this opportunity to work with Emirates in bringing new experiences to Visa cardholders in the UAE and GCC.”

DKK Partners FZE, a subsidiary of DKK Partners based in the Dubai World Trade Centre (DWTC), has secured initial approval from the Dubai Virtual Assets Regulatory Authority (VARA) to offer virtual asset broker dealer services.

Initial approval from VARA enables DKK Partners FZE, which specialises in emerging markets (EM) and foreign exchange (FX) liquidity, to move forward in the licensing process as they look to offer corporate and institutional customers in Dubai and the UAE access to stablecoin blockchain technology, utilising USDT and USDC.

Victoria Albergini, head of partnerships for DKK Partners FZE in Dubai, also said: “Since our launch last year, DKK Dubai has gone from strength to strength and is now in a prime position in the rapidly evolving digital asset landscape. The VARA initial approval enhances our ability to serve the unique needs of corporate and institutional customers.”

The VARA Initial Approval furthers DKK Partners’ overarching digital asset strategy, establishing Dubai as a pivotal hub for their operations in the Middle East.

DKK Partners FZE will now continue to work towards acquiring a full Virtual Asset Service Provider Licence from VARA.

Khalid Talukder, co-founder and CEO of DKK Partners, gave his view on the news: “It is an incredibly exciting time for DKK in the Middle East and securing the VARA Initial approval will enable us to continue making a splash in the region.

“Our expansion to Dubai last year was a huge success and we’re looking to extend our influence in the market by strengthening our compliance and innovation in the virtual asset space.

“This license is a game-changer for DKK and the digital asset landscape in Dubai empowering businesses to confidently engage in blockchain technology, benefiting from the stability of stablecoins and the regulatory framework.”

DKK Partners empowers corporates & institutions in emerging markets with expert FX solutions. They manage currency risk, secure optimal liquidity, & streamline local collections, driving business growth.

Wix, the SaaS website builder platform, has partnered with Global-e Online, the direct-to-consumer cross-border eCommerce enabler, to offer its merchants an advanced international cross-border selling solution.

The new partnership builds on Wix’s existing eCommerce capabilities, empowering merchants to expand their businesses by tapping into Global-e’s industry-leading cross-border functionalities and providing an opportunity to effortlessly enter and sell in new global markets.

With Global-e, Wix merchants will be able to provide their customers with a fully localised checkout, support multiple currency transactions, benefit from customisable pricing capabilities, as well as have the ability to tailor their offering to specific markets.

The partnership ensures that Wix merchants can present pricing and accept payments in over 100 currencies, enabling their global customers to browse and buy in their local currency. It also enables them to set different prices for products in different countries to better cater to regional markets – alongside advanced tax and duty setup in alignment with local market regulations and best practices, providing global customers with the total cost of their purchase at checkout.

Supporting business growth across the globe

Oren Inditzky, VP of online stores at Wix, commented: “We are empowering our merchants to grow their business in the global marketplace and provide them with the tools they need for streamlined international expansion.

“Our collaboration with Global-e removes the complications involved in selling online internationally, enabling Wix merchants to maximise their reach globally, and breaking down barriers to international commerce.

“Global-e’s expertise in global eCommerce aligns seamlessly with our mission to democratise eCommerce and empower online businesses of all sizes around the world. Together, we are enabling merchants to grow their business and thrive globally.”

Wix merchants can also leverage Global-e’s proprietary data-driven business intelligence models to optimise their global offerings and speed up time to market.

Dan Brow, vice president of global partnerships at Global-e, also added: “The global D2C e-commerce market is consistently growing, presenting brands an immense opportunity to drive growth and generate new revenue streams. However, the ‘global market’ is not one market, rather it’s an amalgamation of hundreds of markets, each with its own characteristics, regulations and local consumer preferences.

“To succeed globally, brands need to know and adapt to local market preferences, and we are thrilled to provide Wix merchants with a robust solution that will help them maximise their potential and successfully expand their global footprint.”