Fintech News

JULY 30, 2024

Launched two years ago, GXS focuses on serving financially underserved groups, including gig economy workers and small businesses, primarily through the Grab app. According to Bloomberg , the bank’s losses expanded to US$152.1 million in 2023, up from US$113.7 million the previous year, as it accelerated its operations.

Underserved 96

Underserved Assessments Small Business Volume 96

Fintech News

SEPTEMBER 1, 2024

Harish Venkatesan Harish Venkatesan, Head of Corporate and Business Banking, HSBC Singapore said, “As one of the leading MSME digital financing players in the ASEAN region, we are pleased to support Validus in playing an instrumental role in promoting financial inclusion to underserved small businesses in this region.

Financial Inclusion 100

Financial Inclusion Underserved Small Business Finance 100

The Fintech Times

APRIL 9, 2024

As BaaS evolves, it is helping fintech innovation reach new markets and underserved communities; which has the potential to greatly improve financial inclusion across the globe. BaaS means these businesses can focus on what makes them unique and inclusive.”

Financial Inclusion 121

Financial Inclusion Underserved Non-Bank Embedded Finance 121

Lending Front

JUNE 6, 2021

But while the economy in general is expected to boom, many small businesses are still in recovery mode. Of course, many firms opted to apply for fully forgivable PPP loans instead of traditional loans, seeing as the second round of PPP had funds earmarked for underserved small businesses. Enter community banks.

Small Business 52

Small Business Community Banks Economy Non-Bank 52

PYMNTS

FEBRUARY 8, 2017

Denver-based Greenline Ventures is opening up a new fund to help finance small businesses in the U.S. 7) that it has created a fund to provide SMEs with between $250,000 and $2 million in an effort to support job growth and small business success. The fund will target minority- and women-owned businesses, Greenline added.

Small Business 41

Small Business Underserved Finance Origination 41

PYMNTS

DECEMBER 27, 2019

SMBs have traditionally been underserved by Main Street banks and payment providers,” he said, adding that historically, the banking industry has positioned itself to service SMBs with physical bank branches. Connecting Through Data. The key to open banking’s rising adoption in the SMB financial services market, he said, is data integration.

Small Business 53

Small Business Payment APIs and Integration Credit Union Underserved 53

PYMNTS

MAY 4, 2017

Top FIs are rolling out their Small Business Week contributions. Capital One and Santander are two banks that both announced Wednesday (May 3) their perspective efforts to support small businesses as Small Business Week continues. So when small businesses flourish, everyone wins.

Small Business 40

Small Business Underserved Economy Industry Trends 40

The Fintech Times

MARCH 26, 2024

These innovative technologies not only enable insurers to streamline operations and enhance customer experiences but also play a pivotal role in extending financial services to underserved communities. “These solutions enhance accessibility by providing digital insurance options tailored to the needs of underserved communities.

Underserved 115

Underserved FinTech Financial Inclusion Risk 115

Fintech News

APRIL 29, 2024

The International Finance Corporation (IFC) has partnered with KB Kookmin Card (KBC), a South Korean credit card issuer, to enhance financial access for small businesses in Indonesia and promote digital inclusion in Thailand. ” said Moon Cheol KANG, Managing Director of KB Kookmin Card.

Card Issuer 84

Card Issuer Best Practices Underserved Finance 84

CB Insights

APRIL 11, 2018

Technology corporates and fintech startups alike are turning their attention to Main Street, and the financial needs of small and medium-sized businesses (SMBs). Want the full expert post? Become a CB Insights customer. If you’re already a customer, login here.

Small Business 46

Small Business Underserved FinTech Accounts 46

PYMNTS

SEPTEMBER 20, 2016

The payments industry is a fairly large pie, but the way things are currently set up is skewed to favor larger vendors and businesses — a $4 trillion industry in the U.S. million small businesses make up about 26 percent of the overall payments industry but are responsible for 79 percent of its total fees.

Small Business 80

Small Business Business Payments RFP Processors 80

The Fintech Times

SEPTEMBER 12, 2024

He stressed that low-income and underserved communities are facing severe challenges the most, such as rising prices, social unrest, and climate change impacts. In fact, poverty levels in many developing countries remain above pre-pandemic levels.

FinTech 72

FinTech Embedded Finance Underserved AI 72

PYMNTS

OCTOBER 23, 2020

Mastercard is marking National Women’s Small Business Month by furthering its support of the female-founded impact investment platform CNote with an infusion of $20 million, the company announced Friday (Oct. This investment is part of Mastercard’s push to “help close the racial wealth and opportunity gap.”.

Visa 108

Visa Underserved Small Business Credit Union 108

The Fintech Times

DECEMBER 26, 2023

Many individuals and small businesses grapple with a common challenge: limited access to traditional banking services. This underserved group encompasses those with minimal or no credit history, small businesses, and emerging demographics, including the youth and female populations.

Financial Inclusion 59

Financial Inclusion Underserved Small Business Finance 59

The Fintech Times

AUGUST 23, 2024

These events will serve to highlight the work Future Finance is doing across its three focus areas: advice lending insurance Jack Stanbury, senior project manager of Future Finance The events will also offer financial institutions and small businesses interested in the research project a way to get involved.

AI 95

AI Blockchain Finance FinTech 95

Fintech News

DECEMBER 13, 2023

Operating in Indonesia, Singapore, Thailand, and Vietnam, Validus utilises proprietary data and AI to provide financing solutions to underserved SMEs. Validus has disbursed over US$3 billion in loans to small businesses across Southeast Asia since its establishment in 2015.

Due Diligence 92

Due Diligence Underserved Finance Small Business 92

Fintech News

JUNE 5, 2024

Additionally, there has been a significant rise in the number of Foreign Business Owners (FBOs) with businesses incorporated in Singapore, making up nearly 31% of the bank’s clientele as of 31 May 2024. ANEXT Bank continues to focus on serving the underserved MSMEs. ” said Toh Su Mei, CEO of ANEXT Bank.

Micro-Entry 95

Micro-Entry Multi-Currency SARS Cross-Border 95

Payments Source

SEPTEMBER 3, 2018

While there are automated reconciliation and straight-through processing (STP) solutions for large businesses, small businesses, in particular, continue to be underserved due to their smaller and less frequent invoices, contends Blair Jeffery, COO of Noventis.

Process 71

Process Underserved Reconciliation Digital Payments 71

PYMNTS

MAY 8, 2020

A new report says the Small Business Administration (SBA) failed to follow several congressional mandates in implementing a loan program designed to aid businesses during the COVID-19 crisis, The Wall Street Journal reported. Businesses raced to apply for the initial $340 billion of the Payroll Protection Program (PPP) funds.

Underserved 66

Underserved Payroll Small Business Origination 66

PYMNTS

APRIL 23, 2019

LendingClub, Opportunity Fund and Funding Circle announced on Tuesday (April 23) a collaboration aimed at providing small businesses with more affordable credit. The aim is to expand efficient access to affordable credit for more small business owners. billion by 2023.

Underserved 46

Underserved Small Business Underwriting Assessments 46

Fintech News

FEBRUARY 26, 2024

This project, set to span five years, targets the promotion of digital financial access for 20 million people, focusing on women, smallholder farmers, and small business owners in developing regions of Asia, Africa, and Latin America. said Chiagozie Nwabuebo, Vice President of Global Growth & Social Impact, Visa.

Financial Inclusion 69

Financial Inclusion Finance Financial Literacy Underserved 69

Lending Front

JUNE 29, 2021

Yellen made an announcement that was eagerly welcomed by an often neglected sector of small businesses across the country: The U.S. The support program comes at a pivotal moment both for CDFIs and the small businesses in the communities they serve. The state of minority-owned small businesses.

Small Business 52

Small Business Underserved Automation Economy 52

PYMNTS

JANUARY 5, 2021

Longtime small business microlender Opportunity Fund is teaming up with a trio of credit unions (CUs) as part of the nonprofit’s bid to invest $1 billion in “marginalized businesses” across the country over the next two years. The San Jose-based community development financial institution, or CDFI, on Tuesday (Jan.

Credit Union 79

Credit Union Small Business Underserved Agreements 79

The Fintech Times

MAY 9, 2024

.” The collaboration between Paymentology and DTB hopes to democratise the issuance of cards, enabling end users, whether consumers or businesses, to access tailored solutions such as cards for employee salaries, expense and travel cards, or traders’ cards for online purchases.

Financial Inclusion 104

Financial Inclusion Embedded Finance Payment APIs and Integration Non-Bank 104

PYMNTS

JUNE 19, 2020

More help for certain small business owners could be on the way if Congress approves another round of Paycheck Protection Program (PPP) loans. The Prioritized Paycheck Protection Program (P4) Act would allow businesses with fewer than 100 employees to get a second loan. In the House, U.S.

Small Business 91

Small Business Shutdown Underserved Treasury 91

Fintech News

FEBRUARY 14, 2024

million (THB 844 million) in Thai Credit Bank Public Company Limited to boost small business financing in the country with a particular focus on women-owned or led firms. The International Finance Corporation (IFC) has made a substantial equity investment of up to US$23.8

Financial Inclusion 91

Financial Inclusion Non-Bank Finance Underserved 91

PYMNTS

MARCH 10, 2020

The bank has its sights set on small businesses, startups and freelancers. NorthOne, which has an API-enabled platform, says it was built specifically for small businesses, from the ground up. The bank said it signed up 1 percent of all new small business accounts in the U.S. are less prevalent.

Small Business 54

Small Business Payment APIs and Integration Underserved ATM 54

Finovate

JULY 5, 2024

Ascend Money anticipates the funds will help it accelerate its mission to provide inclusive financial services for underserved consumers and small businesses and ultimately foster economic growth and financial well-being in Thailand.

Financial Inclusion 52

Financial Inclusion Underserved BNPL Small Business 52

PYMNTS

JANUARY 17, 2021

Enabling small businesses to have the tools to succeed has been at the forefront of companies we look to invest in,” said Judson Ain in the release. Bookkeeper360 embodies this culture, and we could not be more excited to continue helping small and family-owned businesses, excel with Bookkeeper360’s solutions.”.

FinTech 75

FinTech Small Business Value Added Service Underserved 75

PYMNTS

JULY 12, 2020

Uber Freight , which has seen an influx of more activity since the pandemic set in, has announced new features that will aid small businesses, the company said in a blog post. During the pandemic, Uber Freight has seen the number of small businesses using its services grow 10 times year over year.

Small Business 67

Small Business Underserved Credit Cards Continuity 67

PYMNTS

MARCH 19, 2020

The bank will extend small business loans and deposit accounts, Square said in a statement. “We We’re now focused on the work ahead to build out Square Financial Services and open our bank to small business customers.”. It will be a Square subsidiary and will work independently.

FDIC 110

FDIC Deposit Account Underserved Small Business 110

PYMNTS

MAY 28, 2020

A measure that would make it easier for small businesses (SMBs) to get their hands on a forgivable federal loan has easily passed the House, The Wall Street Journal reported. This is what small businesses need, and if we don’t keep the businesses open, the jobs go away.”. Treasury Department.

Rules 53

Rules Underserved Payroll Treasury 53

Faster Payments Council

APRIL 29, 2021

"It is really critical to think about how we, as an ecosystem, can come together and drive the right financial services for unserved and underserved consumers and small businesses." Many underserved are being served with alternative banking means, which are arguably more expensive than they would be through the banking system.

Financial Inclusion 68

Financial Inclusion Faster Payments FPC Financial Literacy 68

PYMNTS

MARCH 4, 2019

Alternative lending firm Funding Circle announced it has reached $2 billion in small business loans facilitated through its platform, a figure that it says exceeds some traditional U.S. ” At present, Funding Circle said it holds more than $1 billion in small business loans. . bank SMB loans.

Volume 52

Volume FDIC Small Business Underserved 52

PYMNTS

DECEMBER 16, 2020

The Visa Foundation has launched several new initiatives aimed at providing nearly $5 million in capital to minority-owned small and micro-businesses (SMB) to help them weather the ongoing COVID-19 pandemic. Attendees received “expert guidance” on navigating one of the most challenging years in retail history.

Small Business 100

Small Business Underserved Payments 100

PYMNTS

JANUARY 8, 2021

The Small Business Administration (SBA) has released guidance on applying for the second round of loans being offered under the Paycheck Protection Program (PPP), which has been a lifeline for many small businesses during the pandemic recession. 29 announcement. “The

Small Business 64

Small Business Payroll Credit Union Underserved 64

PYMNTS

DECEMBER 10, 2019

based FinTech specializing in facilitating payments for small business accountancy firms, is partnering with BIN (bank account identification number) sponsor Moorwand to further streamline the payments experience for accountants and bookkeepers. We’re excited to be a part of bringing a better user experience to an underserved market.”.

Accounts 52

Accounts B2B Small Business Payroll 52