Cards/Payments Archives - Page 2 of 9

The Payment Cards Group Limited and Black Bear Merchant Services Limited Join Forces to Launch a New Brand ‘AbbyPay’

– Empowering Local Merchants with Payment Technology
– to Create a Combined Leader in the Asia-Pacific Payment Market

The Payment Cards Group Limited (PCG), a cloud-native payment processor and acquirer, and Black Bear Merchant Services Limited (the holding company of BBMSL Limited BBMSL) are pleased to announce the signing of a strategic alliance to establish a new brand and group holding company, ABBY Pay&Tech Holdings Limited (AbbyPay). Under this new strategic alliance, AbbyPay will leverage PCG’s market leading position as an acquirer with principal memberships in all major card schemes including Visa, MasterCard, AMEX, UnionPay, and JCB. The combined group will also leverage strong digital payment technology capabilities from PCG’s A3A, Asia’s first cloud-based payment processing and settlement platform, in servicing BBMSL’s strong customer base. This strategic alliance will accelerate PCG’s expansion in market share by covering 50,000 local merchants in Hong Kong and other Asia Pacific regions with multiple brands to meet diverse market demands and empower local merchants through innovative payment technology.

From left to right: Mr. Barry Mak, representative of AbbyPay, Mr. Peter Wu, Founder of PCG, Mr. Gerald Yu, Chief Executive Officer of BBMSL, Ms. Ester Chow, Chief Financial Officer of BBMSL, and Ms. Beatrice Tai, Co-Founder and Chief Operating Officer of PCG, jointly officiated the signing ceremony.

Beatrice Tai, Co-Founder and Chief Operating Officer of PCG, said, “This strategic alliance marks an important milestone for PCG in the field of payment solutions in the Asia-Pacific region. With the technological advantages of our A3A platform, combined with BBMSL’s stong market coverage, AbbyPay will provide innovative, seamless payment and settlement solutions for micro merchants, SMEs, and enterprises, rapidly and efficiently tapping into new markets across various industries in the Asia-Pacific region. We look forward to AbbyPay expanding its business footprint and further consolidating the local payment industry, strengthening PCG’s leading market position in the payment sector.”

Gerald Yu, Chief Executive Officer of BBMSL, said, “This strategic alliance represents PCG’s high recognition of BBMSL’s years of effort and achievements in the Hong Kong market, reflecting our potential and confidence in working together. Since 2017, BBMSL has held a significant market share in the local SME merchant market and has gained widespread recognition and support in Hong Kong. These advantages will lay a solid foundation for AbbyPay’s development. I look forward to working with AbbyPay to fulfill BBMSL’s mission, grow alongside SMEs, and hope this partnership creates even greater achievements.”

Introducing Asia’s first cloud-based payment processing and settlement platform, A3A, in the Asia-Pacific Region to unleash the potential of digital payments
AbbyPay will offer Asia’s first cloud-based payment processing and settlement platform, A3A, across markets in Japan, Singapore, Malaysia, and Thailand. Through a single API, A3A offers direct end-to-end processing with major card schemes (such as Visa, MasterCard, AMEX, JCB, and UnionPay), e-wallet networks, and mobile payment platforms. Comparing to traditional payment processing platforms, A3A boasts competitive advantages such as low integration fee, speedy and easy integration, instant settlement, and real-time transaction data insights.

Mr. Barry Mak, representative of AbbyPay, shared AbbyPay’s vision.

Barry Mak, representative of AbbyPay, said, “We have entered a new era of payment in the Asia Pacific market. AbbyPay is groundbreaking in Hong Kong’s payment industry and will disrupt the entire sector, bringing unprecedented opportunities. PCG has strong technological capabilities, while BBMSL has a solid customer base and market recognition in the local market. I firmly believe that AbbyPay has unlimited potential in Hong Kong and the Asia-Pacific region, leading future payment trends while serving and creating value for all types of merchants, from large chain restaurants to SMEs and micro merchants.”

About Payment Cards Group (PCG)
Payment Cards Group (PCG) is an innovative and leading payment technology company with operations in Singapore, Hong Kong and the Asia-Pacific region. Established in 2016, PCG has become an acquirer with principal memberships in all major card schemes and e-wallet networks. Its subsidiary, Yedpay, has firmly established itself as a payment acceptance business in Hong Kong. Meanwhile, A3A, another member of PCG, has developed a cloud-native payment processing platform that operates through RESTful APIs, significantly reducing costs and streamlining complex processes while providing users with real-time transaction data and insights. As an acquiring processor, PCG serves as the backbone infrastructure of the entire payment industry by its Asia’s 1st cloud-based processing and settlement platform. Rooted in Hong Kong with a global vison, PCG seeks to empower merchants with cutting-edge payment technology solutions and drive high-quality development in the global payment ecosystem. For more information, please visit PCG’s website: https://www.yedpay.com/en/

For media enquiries, please contact:

AJA (IR and Communications)
Avy Yu
Email: avy.yu@ajacapital.com.hkTel: (852) 9500 4443

Eudice Law
Email: eudice.law@ajacapital.com.hk
Tel: (852) 9326 1113

Understand The Type of Credit Cards Offered By Citi And Find the Most Suitable One

While most credit cards offer common benefits like fraud protection, they may differ based on their features and benefits. Before applying for a particular credit card, it’s helpful to understand the different types of credit cards and how they work. Explore the different types of credit cards below.

Travel Credit Cards
Travel credit cards offer opportunities to earn and/or redeem rewards against travel purchases. For example, the Citi PremierMiles Card lets cardmembers earn 1.2 Citi Miles for every S$1 spent locally and 2.2 Citi Miles for every S$1 spent in foreign currency. Enjoy two annual complimentary airport lounge visits and get up to S$1 million in insurance coverage. While the exact benefits of a travel credit card may vary, travel cards provide exceptional value for people who travel often.

Rewards Credit Card
Rewards credit cards help cardmembers earn points with every swipe and are an excellent choice for people who want more from their shopping experiences. Some rewards cards offer points with every purchase, others offer bonus rewards when cardmembers shop from categories like fuel, groceries, dining, entertainment, etc. The Citi Prestige Card earns rewards on all local and overseas spends and offers premium experiences like lounge access, golf privileges, concierge services, complimentary night hotel stay worldwide and more.

Cash back Cards
Cash back cards provide cardmembers cash rebates on eligible transactions, making them a great option for people who prioritize savings. Some cash back cards allow redemption through shopping vouchers while others allow cardmembers to apply cash back toward credit card bill payments. Citi offers four different cash back credit cards that offer a range of benefits suited to different lifestyles and preferences. This includes the Citi Cash Back+ card where there is no cap on cash back earned and cash back earned does not expire.

Business Credit Cards
Corporate or business credit cards are created to simplify payments for businesses. They help business owners create a separate line of credit for their company, enable fast and seamless payments, and offer rewards like points or cash back. Business credit cards can help with expense tracking and management while offering exclusive privileges and deals to cardholders like complimentary travel insurance and corporate liability waiver insurance. Citi offers three business credit cards that offer exceptional benefits and discounts on restaurants, travel bookings and more.

Student Credit Card
Student credit cards offer young adults the chance to build credit and enjoy great deals. The Citi Clear Card has no minimum income requirement and allows cardmembers to earn rewards on every purchase and enjoy the safety of secure transactions. Student credit cards are one way for first time cardholders to learn how credit works, make the best of rewards programs like ThankYou rewards, and get an array of discounts through Citi World Privileges.

Choosing the right credit card
Remember that it’s vital to compare credit cards to properly identify the best fit. Here are a few things to consider before applying for a credit card:

Benefits and rewards: Aspiring cardmembers should identify areas where they spend the most and find a credit card that rewards those purchases. Bargain hunters can prioritize credit card rewards programs that favour spending on fuel, groceries, entertainment, and dining. Adventurers and business travellers may travel often enough to justify a travel credit card to earn miles and get airport lounge access.

Fees and interest: Credit cards carry annual fees, and premium cards may have higher fees than basic cards. Usually, the annual fees will give additional perks back to the customer in the form of points or miles. Card applicants should be informed about fees and charges before applying for a card.

Reward complexity: Many cardmembers miss out on opportunities to redeem their points because they don’t understand the redemption process. A complex rewards program with category-specific benefits or many redemption rules may not be for everyone. A simple program with no minimum spends and a flat cashback rate on all or most purchases is ideal for many people. It’s also important to understand when rewards expire.

The right credit card can make purchases and payments easier and more rewarding. But it’s important to consider the pros and cons of credit cards, carefully read the terms and conditions, and consider individual needs before making a suitable choice.

Citibank Singapore
Citibank Singapore offers consumers and institutions a range of financial products and services, including consumer and investment banking, credit cards, and personal loans. Citibank Singapore aims to deliver holistic and innovative solutions to clients and meet the increasingly complex strategies of its regional client base in the APAC in an ever-changing financial landscape.The content reflects the view of the author of the article and does not necessarily reflect the views of Citi or its employees. Please read the products and offers on Citibank Singapore website for accuracy or completeness of the information presented in the article.

Name: Sonakshi Murze
Email: Sonakshi.murze@iquanti.com
Job Title: Manager

SOURCE: iQuanti

Beginner’s Guide to Travel Credit Cards

Whether you’re a frequent business traveller who’s always on the go or a world explorer looking for your next adventure, a travel credit card can be a great way to make the best of your trips. The right travel credit card can enhance your travel experiences by offering opportunities to earn rewards, redeem rewards on travel expenses, access discounts and deals, and get perks and benefits like lounge access and travel insurance. Learn all about travel credit cards, what they can do for you and how to choose the right one in our guide below.

What is a travel credit card?
You may have heard of credit cards that offer discounts and savings on fuel, groceries or shopping. A travel credit card is a type of credit card that offers perks and rewards that make travel smooth and convenient. While the exact reward programs differ from one card to the next, what most miles credit cards have in common is that they grant users benefits and redemption opportunities specifically linked to travel.

A travel credit card is a great way to turn everyday spending into travel rewards. Generally, a miles credit card or travel card will let you earn points, miles, or cashback on purchases, which you can redeem for travel-related expenses like flight tickets, hotel stays, car rentals, and more. Over time, savvy cardmembers may accumulate enough rewards to cover the full cost of a small vacation. Many travel credit cards also include benefits like complimentary lounge access, travel insurance, and exclusive discounts with partner airlines and hotels.

Pros and Cons of a Travel Credit Card
Pros
Earning points and miles: Your miles credit card helps you earn rewards on eligible purchases. If you use your credit card regularly for eligible purchases, your points or miles can add up quickly and bring you significant savings on your next trip.

Sign-up bonuses: In addition to regular rewards, your card may offer a welcome bonus that lets you earn a significant number of points/miles if you meet certain spending criteria. These bonuses can provide a great boost to your rewards balance right from the start.

Access to Airport Lounges: Your travel credit card may also include complimentary access to airport lounges, allowing you to enjoy a more relaxed travel experience with amenities like refreshments and comfortable seating before your flight.

Cons
High annual fees: Travel credit cards with good benefits may carry higher annual fees than regular cards. You’ll need to review the costs and benefits associated with your credit card to decide if the travel benefits are worth the annual fee.

Complex rewards systems: Rewards programs are only useful if you know how to use them well. It might take some time and effort to fully understand how to maximize your rewards.

How to Choose a Travel Credit Card
When choosing a travel or miles credit card in Singapore, consider your travel habits and preferences. Start by considering how often you travel. A card with a high fee may be worth it for frequent fliers, but if you only take one or two trips a year, seek out a card with a low or no annual fee with points that don’t expire. You’ll need to consider what benefits matter to you. Do you value lounge access, or is travel insurance more important? Choose a card that offers benefits that match your needs. Lastly, look for a rewards program that fits in with your lifestyle. If you spend a lot on dining and shopping, look for a card that offers higher rewards in those categories. Additionally, carefully review the points/redemption process before you apply for a travel credit card. A complex redemption process can be off-putting especially if there are many limits placed on redemption.

Notice:Opinions, analyses, reviews, or recommendations expressed in this article are those of the select editorial staff’s alone, and have not been reviewed, approved, or otherwise endorsed by any third party.

Contact Information:
Name: Sonakshi Murze
Email: Sonakshi.murze@iquanti.com
Job Title: Manager

SOURCE: iQuanti

Tappy Technologies Unveils the World’s First Fitness Ring Featuring Network Card Tokenization for Contactless Payments at Hong Kong Fintech Week 2024

Tappy Technologies, a leader in cutting-edge wearable payment technology, is thrilled to announce the launch of its revolutionary product: the world’s first fitness and payment ring that effortlessly merges fitness tracking with network card tokenization technology for contactless payments. This revolutionary device will be unveiled during Hong Kong Fintech Week 2024, showcasing Tappy’s commitment to merging health and technology in a user-friendly format.

The Tappy Fitness Ring is designed for fitness enthusiasts and tech-savvy consumers alike, offering a sleek and stylish alternative to traditional fitness trackers. Equipped with advanced sensors, the ring monitors various health metrics, including heart rate, blood oxygen, activity levels, and sleep patterns, providing users with real-time insights into their fitness journey.

What distinguishes the Tappy Fitness Ring is its exceptional capability to be tokenized with their debit, credit and prepaid cards of associated card schemes, allowing users to make secure contactless payments directly from the ring. Tappy Technologies has collaborated with Thales, a global leader in payment card technology, to incorporate their secure element chips into this innovative product. This feature provides a convenient and efficient payment experience, removing the necessity to carry cash or cards while on the move. Whether at the gym, grocery store, or coffee shop, users can enjoy the freedom of completing transactions with just a tap of their finger.

“We are excited to unveil the world’s first tokenized payment and fitness ring, a game-changer that combines fitness tracking with secure contactless payments.

This innovative product empowers users to enjoy a more active lifestyle without the need for cash or cards. Our partnership with Thales has been crucial in ensuring a secure and seamless experience. We can’t wait to see how our customers embrace this technology and enhance their daily lives.” commented Wayne Leung, CEO of Tappy Technologies

“We are thrilled to introduce this ground breaking product at the Hong Kong Fintech Week 2024,” said Suboor Ahmed, Chief Operating Officer of Tappy Technologies Ltd. “This product represents a significant leap forward in wearable technology, combining fitness tracking and secure tokenization based payments capability in one compact device. By integrating network certified secure element chips from our partner Thales we have ensured the ring meets the global payment standards. Our goal is to empower users to take control of their health while simplifying their payment experience. ”

The Tappy Fitness Ring is designed with user convenience in mind. It features a durable, water-resistant design and a long-lasting battery, ensuring that it can keep up with even the most active lifestyles. The accompanying mobile app provides users with a comprehensive overview of their fitness data and payment history, allowing for easy tracking and management.

As part of the launch, Tappy Technologies will be offering exclusive demonstrations of the Fitness and Payment Ring at its booth during Hong Kong Fintech Week. Attendees will have the opportunity to experience the ring’s capabilities firsthand and learn more about the technology behind it.

Tappy Technologies is committed to innovation and excellence, and the launch of the Fitness and Payment Ring marks a significant milestone in the company’s mission to enhance everyday life through technology.

TIS Has Signed Binding Agreement with Marlin Equity Partners to Secure a Majority Growth Investment

Marlin Equity Partners has signed a binding agreement to acquire a majority stake in Treasury Intelligence Solutions. The investment puts the company in a great position to continue investing in organic and inorganic growth opportunities across the Office of the CFO. Co-founder Joerg Wiemer, Aquiline Capital Partners LP, and the Management Team retain significant minority positions in the company.

Today, Treasury Intelligence Solutions (TIS), a global leader in cloud-native cash management, liquidity and payment solutions, announced that it has signed a binding agreement to secure majority growth investment from Marlin Equity Partners (Marlin). The investment positions TIS to execute on organic and inorganic strategic initiatives to further serve the Office of the CFO. The agreement is subject to customary regulatory clearance. A closing of the transaction is expected in the second quarter.

TIS’ Group CEO Erik Masing commented “this exciting partnership with Marlin will fuel our international expansion efforts, leveraging their expertise to broaden our partnerships and strengthen our product offering. In an era of supply chain disruption, rate volatility and macroeconomic uncertainty, the importance of liquidity management, working capital optimization, and secure, efficient B2B payments has never been higher for our customers. The Marlin team demonstrated a deep appreciation for the strength of our value proposition and a strong alignment with our strategic goals.”

Chris Calhoun, TIS’ CEO of Americas, added “Marlin’s deep understanding of the European and U.S. markets, as well as their experience in the Office of the CFO and monetization of data and payments in particular were the key reasons we were keen to partner with them.”

“The TIS team impressed us with their strategic and innovative product offering, strong banking integrations and dedicated customers focus. The company’s mission-critical platform is well positioned to deliver continued growth in the global market for B2B payments, cashflow and treasury management solutions,” said Konstantin von Bismarck from Marlin. “We are excited to welcome TIS to our family of software businesses and are thrilled to support the company’s vision of helping more enterprises effectively, securely and transparently manage their treasury needs.”

Raymond James served as exclusive financial advisor to TIS. Guggenheim Securities, LLC served as exclusive financial advisor to Marlin.

About Treasury Intelligence Solutions (TIS)
TIS helps Chief Financial Officers, Treasurers, and Finance teams transform their global cash flow, liquidity, and payment functions. Since 2010, our award-winning cloud platform and robust service model have empowered the entire office of the CFO to collaborate more effectively and attain maximum efficiency, automation, and control. With over 11,000 banking options, $80 billion in daily cash managed, and $2.7 trillion in annual transaction volume, TIS has a proven track record of combining our extensive market expertise with tailored client and community feedback to drive digital transformation for companies of all sizes and industries. For more information, please visit www.tispayments.com.

About Marlin Equity Partners
Marlin Equity Partners is a global investment firm with approximately $9 billion in capital commitments. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 200 acquisitions. The firm is headquartered in Los Angeles, California, with an additional office in London. For more information, please visit www.marlinequity.com.

About Aquiline Capital Partners LP
Aquiline Capital Partners LP is a private investment specialist based in New York, London, Philadelphia, and Greenwich, Connecticut, that invests across financial services and related technologies. The firm has $10.1 billion in assets under management as of September 30, 2023. For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

Contact Information
Jennifer Knutel
EVP Global Marketing
jennifer.knutel@tispayments.com

SOURCE: Treasury Intelligence Solutions (TIS)

TIS & Treasury Strategies Announce an Integrated Bank Fee Analysis Solution for Corporate Treasury & Finance

Global Bank Connectivity, Account Management, & Fee Analysis Through a Single Solution

Today, Treasury Intelligence Solutions (TIS) and Treasury Strategies, a division of Curinos, Inc., have announced a new partnership agreement that will see Treasury Strategies’ global bank fee analysis platform integrated with the TIS cloud platform for cashflow, liquidity, and payments. By leveraging the combined solutions of TIS and Treasury Strategies, corporate treasury and finance teams can now gain complete control and visibility over every element of their banking operations through a single structure.

Since 2010, TIS has enabled organizations to connect their entire banking and back-office landscape together through a single platform that streamlines payments and reporting, simplifies bank account management, and provides total visibility over account balances, transaction details, and all associated bank documentation. By adding the capabilities of the Treasury Strategies bank fee analysis solution, TIS clients can now easily monitor bank fees across all their relationships, standardize fee categories for benchmarking purposes, and automatically identify pricing discrepancies on monthly statements. These capabilities unlock a whole new tier of operational efficiency for clients who want to quickly analyze bank fees across all their relationships and account structures, benchmark these costs across each bank relationship, and then compare their fees against what similar companies are charged both domestically and globally.

Given that TIS has integrated over 85,000 client bank accounts with their platform and can connect organizations to 11,000+ global banking options, the Treasury Strategies bank fee analysis solution serves as a natural extension of these core capabilities. According to Jon Paquette, SVP Solutions at TIS, “The TIS and Treasury Strategies integration is the latest example of our commitment to provide businesses of all sizes and industries with top-tier bank connectivity and bank account management services. With Treasury Strategies as our partner, clients can now access an unprecedented range of datasets to help them evaluate and benchmark the costs of their banking operations on a global scale. This will ultimately enable them to more effectively identify inefficiencies, eliminate redundancies, and create a more sustainable, streamlined, and cost-effective banking structure.”

This perspective was shared by Peter Serene, Managing Director of Commercial solutions at Curinos, who added, “We’re thrilled to partner with TIS, integrating our advanced bank fee analysis solution, NDepth, into their comprehensive treasury management suite. In today’s evolving bank fee and ECR landscape, NDepth is a critical tool. It’s designed to empower organizations with unparalleled visibility into their financial operations, aligning with TIS’ mission to simplify global payments and cash management. Together, we help organizations assert control over their bank fees, optimize financial processes, and realize substantial savings. This collaboration underscores our commitment to delivering transformative bank fee analysis benefits for treasurers worldwide”.

The partnership between TIS and Treasury Strategies is expected to take effect immediately, with both teams working together to develop an enhanced solution offering for clients. For more information about this announcement, refer to the below media contacts.

About Treasury Intelligence Solutions (TIS): TIS helps CFOs, Treasurers, and Finance teams transform their global cash flow, liquidity, and payment functions. Since 2010, our award-winning cloud platform and best-in-class service model have empowered the entire office of the CFO to collaborate more effectively and attain maximum efficiency, automation, and control. With over 11,000 banking options, $80 billion in daily cash managed, and $2.5 trillion in annual transaction volume, TIS has a proven track record of combining our unparalleled market expertise with tailored client and community feedback to drive digital transformation for companies of all sizes and industries. For more information, visit tispayments.com and begin reimagining your approach to global cash flow, liquidity, and payments. For additional information, please visit www.tispayments.com.

About Curinos: Curinos is the leading provider of data, technologies and insights that enable financial institutions to make better, and more profitable, data-driven decisions faster. Curinos brings to market a new level of industry expertise across deposits, lending and digital experience solutions and technologies. Through access to comprehensive datasets and analytics, intelligent technologies and connected behavioral insights, Curinos is the partner of choice to help you attract, retain and grow more profitable customer relationships. For additional information, please visit www.curinos.com.

About Treasury Strategies: Treasury Strategies, a division of Curinos is a leading treasury consultancy working with public and private sector treasury organizations. Our experience and thought leadership in corporate treasury management, banking, risk management, working capital, liquidity and payments, combined with our comprehensive view of the market, rewards our clients with a unique perspective and actionable solutions. For additional information, please visit www.TreasuryStrategies.com.

Dubai Taxi (DTC) Launches Regular Taxi Service for People of Determination

The Dubai Taxi Co PJSC (“DTC”), a leading provider of comprehensive mobility solutions in Dubai, has announced the launch of a new service for people of determination (POD), enabling them to book regular taxis through “DTC App”.

Importantly, it includes the option for users to avail of the same 50% discount that is offered with the dedicated service for people of determination. The system is designed to be accessible for holders of the Sanad card for people of determination in Dubai, enabling them to use this service efficiently and electronically.

The new initiative comes in line with DTC’s commitment to improving services for people of determination, adhering to the highest international standards in public and transport services.

It also reflects the company’s social responsibility and its efforts to introduce smart initiatives that support the government’s goals of integrating and empowering people of determination in the community, thereby enhancing their happiness and quality of life.

Innovative proactive services

Abdullah Ibrahim Al Meer, Acting Chief Business Transformation Officer at DTC, emphasized that the launch of the new service reflects the company’s commitment to continually enhance its services and offer an innovative model of smart and proactive services. “We look forward to enhancing customer satisfaction, particularly among people of determination,” Al Meer added.

“DTC has always strived to align its services with the needs of people of determination, in compliance with the highest global standards, and we will continue to do so to provide them with top-tier transportation services and contribute significantly to Dubai’s reputation as an inclusive city for people of determination,” he further said.

Al Meer noted that there has been a growing demand for DTC’s vehicles designed for people of determination. Consequently, the launch of this digital service is part of the company’s efforts to expand and streamline the provision of transportation services for this group by leveraging modern and efficient methods. This service enables people of determination, including residents, visitors, and tourists, to access regular taxi services conveniently and swiftly, further enhancing their mobility.

Speed and flexibility

Dubai Taxi Company currently offers the “People of Determination Taxi” service through its smart application, featuring modern vehicles equipped with state-of-the-art amenities to ensure a comfortable and convenient transportation experience. The service guarantees safe and reliable transportation options for people of determination, available round the clock.

Dubai Taxi Co App

The “DTC App” is one of the useful public transport apps in Dubai facilitating residents to book exclusive, safe and comfortable taxis and limousines. The app allows users with multiple taxi and payment options, for instance, direct payment or through the credit card. The Dubai Taxi Co App can be downloaded on Android or iOS.

Contact:
The Dubai Taxi Co PJSC (DTC)
Email: media@dtc.gov.ae
URL: https://dubaitaxi.ae/en

Igloo closes US$36M Pre-Series C fundraise with 50% valuation increase

Regional insurtech Igloo today announced that it has closed a US$36 million Pre-Series C funding round. Global investment firm Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, led the investment. Openspace and La Maison, who previously participated in Igloo’s Series B and Series B+ fundraises, also joined in, reaffirming their confidence in the company’s strong business fundamentals. Eurazeo invested through its insurtech fund focused on innovative technologies and business ideas disrupting the insurance industry, whilst Openspace’s investment in this round comes via its mid-stage fund, OSV+, which is focused on the Series C and D rounds of transformative technology companies in Southeast Asia.

Matthieu Baret, Managing Partner – Venture at Eurazeo shared: “We are thrilled to invest in Igloo with the insurer BNP Paribas Cardif. With our investments in China, Indonesia, India, and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia.”

“We have been following Igloo for some time now and have been impressed with their evolution into a diversified insurance platform across channels and products. The insurance market in Southeast Asia is still very underpenetrated and we believe Igloo is in a strong position to help solve this by making insurance more easily accessible and understandable for consumers,” shared Albert Shyy, Managing Director, Eurazeo.

This latest round comes just 10 months after Igloo’s previous Series B+ fundraise led by BlueOrchard-managed InsuResilience Investment Fund II. In total, the company has raised US$100 million. Notably, Igloo’s Pre-Series C round closed at an increased valuation of 50 percent from its Series B+ round in 2022, as the company moves closer to profitability in 2024. Igloo is on track to double its 2022 Gross Written Premiums (GWP) at a low burn rate; its robust engineering core and data focus, the company’s path to profitability in 2024 is set.

“We’re always thrilled when the opportunity arises to keep investing in a company at the mid-stage that we’ve previously backed – and Igloo’s recent growth and steps towards profitability have given us further confidence in the business’s ability to capture and expand the insurance market in Southeast Asia,” said Jessica Huang Pouleur, Partner, Openspace Ventures. “Our team has been actively involved in working with Igloo to this point, and those existing relationships will enable us to seamlessly continue adding operational and commercial value as the business integrates, acquires, and strengthens capabilities.”

Asia’s insurance market is brimming with untapped potential, especially in emerging economies like Indonesia, Vietnam, and the Philippines. Despite the rising adoption of insurance, many remain underinsured. This vast, underserved demographic has caught the attention of investors, with companies like Igloo standing out due to their innovative approach to the evolving landscape in these markets – addressing pain points across the insurance value chain for insurers, sales intermediaries, retailers and consumers.

Igloo’s recent scores include two innovative offerings. In 2022, it launched Ignite by Igloo, a digital platform that enhances the productivity of sales intermediaries in Vietnam and Indonesia. Ignite by Igloo works with 22,000 sales intermediaries and agent partners and aims to close 2023 with 50,000 agents as it expands into other markets. In line with Igloo’s purpose of improving financial inclusion for underserved segments, over 60 per cent of Ignite by Igloo’s intermediary partners are female.

Another innovation for Igloo is its Weather Index Insurance, a pioneering blockchain-based parametric insurance for farmers. The product has drawn interest from partners in Vietnam and across Southeast Asia for its potential to greatly benefit the agricultural sector. Despite its novelty in a highly traditional sector, Weather Index Insurance has already been adopted by thousands of farmers since launching last November and covers 20,000 hectares of coffee and padi farms.

Igloo has facilitated over 500 million policies and aims to double its Gross Written Premium (GWP) from 2022. As of today, it has also actively established over 75 partnerships across six countries, expanding its product offerings to cover consumer finance, e-commerce, and logistics. In August 2023, Igloo was named ‘Insurtech of the Year’ by the Asia Fintech Awards.

The new funding will go towards both horizontal and vertical M&A opportunities – having added intermediary licenses across SEA this year, in addition to its license in Indonesia. It will also increase its workforce by 20% across engineering, commercial, strategy and insurance-focused verticals. On the product and value chain enhancement aspect, it looks to double down on motor, health, climate-related products, underwriting and claims digitization and AI and blockchain technologies.

Raunak Mehta, Co-Founder and CEO at Igloo, shared, “The support from our investors is a testament to Igloo’s steady growth and resilience amidst macro headwinds and a validation of our strategy. We are the only insurtech in Southeast Asia with a robust profit and loss (P&L) statement, a diverse multi-product portfolio, and an extensive distribution line.”

About Eurazeo

Eurazeo is a leading global investment group, with a diversified portfolio of €35.2 billion in Assets Under Management, including €25 billion from third parties, invested in around 600 companies. With its considerable private equity, private debt, real estate asset and infrastructure expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 400+ professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore and Sao Paulo. Eurazeo is listed on Euronext Paris.

About Openspace

Openspace is a leading Southeast Asian venture capital firm, finding and backing companies creating a transformative impact where tech meets life. It has 6 funds with $800M in committed capital and has 39 dedicated employees, including full-time specialists within the Portfolio Success team. It is co-headquartered in Singapore and Jakarta, with active offices in Bangkok, Manila and Ho Chi Minh City. Its portfolio of 40+ companies includes GoTo, Pick Up Coffee, Halodoc, Kredivo Holdings. www.openspace.vc

About Igloo

Igloo is a regional full-stack insurtech firm headquartered in Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia and tech centres in China and India. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimise and enhance existing products and services. It has partnered with over 75 well-known brand names across the markets in various verticals, including insurance, telecommunications, e-commerce, hospitality, health tech and financial services. Recognised by the industry for its innovations and expertise in its space, Igloo was named ‘Insurtech of the Year’ in the 2023 Asia Fintech Awards. For more information, please visit https://www.iglooinsure.com/.

For Media Enquiries
PRecious Communications for Igloo,
igloo@preciouscomms.com

Digital Currency Adoption in Australia gets a Boost with Grineopay.com Payment Service App

Amidst the ever-growing popularity of digital currency in Australia, GrineoPay has emerged as a beacon of progress, igniting a newfound enthusiasm for FinTech solutions. With the announcement of their Grineo Wallet+Card launch in 2024, the company is paving the way for individuals to easily manage their financial needs and embrace the possibilities of blockchain technology. This pre-launch gateway is a game-changing step towards financial freedom, empowering Australians to take control of their funds and delve into the world of digital currency.

power to pay with digital currency everywhere in the world . But more than just a user-friendly interface, GrineoPay is committed to educating and empowering its community. “We believe in the financial empowerment of individuals and strive to build a well-informed community,” the Grineo team shared.

“The wait is almost over,” exclaims the Grineo team, as they announce the launch of the Grineo Wallet+Card’s waitlist. This exclusive opportunity is open to both the digital currency curious and enthusiasts alike, offering early access to the app and unlocking exciting financial possibilities. “Our goal is to empower individuals to take charge of their financial future and be part of a knowledgeable community,” the team adds.

To make their mark in the digital currency scene and highlight the product launch in front of 15000 digital currency enthusiasts, GrineoPay will also be a Theatre Sponsor at the highly anticipated Australian Crypto Convention 2023 in Melbourne on November 11th.

“We invited Grineo to be a part of our conference because we see their potential to revolutionise the industry,” says David Haslop, founder, and director of the convention.

But the excitement doesn’t stop there. The official launch of the GrineoPay app is just a few months away, and Aussies can look forward to a seamless experience in investing and sending money to their loved ones in real-time, without delays or excessive fees. To secure a spot on the waitlist, head to the website https://grineopay.com and fill out the form.

GrineoPay’s mission is to promote a fairer distribution of wealth by providing Australians with an alternative to traditional financial systems. Are you ready to write your own digital currency success story? Join the Grineo waitlist today!

About GrineoPay
As a trusted gateway to the digital currency economy, GrineoPay is committed to providing a suite of products tailored to the Australian market. Its first offering, the Grineo Wallet+Card, will initially launch in Sydney and Melbourne, catering to users of all levels with its user-friendly design and advanced trading options. Headquartered in Sydney and fully regulated by AUSTRAC, Grineo Pty Ltd boasts a team of executives from leading banks and FinTech companies. Join the digital currency revolution with GrineoPay: Level 14, 5 Martin Place, Sydney, 2000, NSW, Australia. https://grineopay.com

Contact:

Anna H., PR consultant, info@grineopay.com

Fonepay and NIPL Coming Up With Cross Border QR Code-Based Payment Solution Between Nepal and India

Fonepay Payment Service Ltd, Nepal’s Largest Payment Network and NPCI International Payments Ltd (NIPL), the international arm of the National Payments Corporation of India, are now ready to launch the first QR code-based payment solution between Nepal and India. This historic unveiling took place at the Global Fintech Fest 2023, a global gathering of fintech visionaries, thought leaders and innovators.

This collaboration between Fonepay and NIPL will empower millions of citizens of both nations, to securely and conveniently make instant payments through QR code across various stores by using the mobile application certified by Fonepay and NPCI.

Both companies have now completed operational preparations and technological integration is in final process after which the companies can offer the service to their issuing and acquiring members and enable their consumers and merchants to enjoy the service.

Chairperson of Fonepay and President of F1Soft Group, Mr. Biswas Dhakal, said, “This remarkable launch marks a significant step towards enhancing financial connectivity between Nepal and India by leveraging technology for the benefit of our citizens. I am confident that this initiative will significantly contribute to the growth of trade, tourism, and economic relations between both countries, ultimately fostering prosperity and development.”

Speaking on the same occasion, NIPL said, “This initiative signifies our commitment to innovation in the fintech space and strengthens bonds between our nations. Under this partnership UPI powered Apps will be enabled for seamless cross-border merchant payments, to enhance the way people transact. We envision this partnership as a catalyst for greater financial inclusion and economic prosperity in the region and are excited to embark on this journey of transformation together with Fonepay.”

About Fonepay:

Fonepay is a Payment System Operator facilitating inter-bank person-to-person (P2P) and person-to-merchant (P2M) transactions through its interoperable network and mobile platforms. Fonepay is regulated by Nepal Rastra Bank (NRB) and was the first mobile payment network to be licensed by NRB as Payment System Operator (PSO). Fonepay is actively contributing towards a cashless economy by enabling fast, secure, and reliable digital payment services to customers as well as businesses through the partner banks and wallets. Fonepay is a subsidiary of the F1Soft Group. For more information, visit: https://fonepay.com

About NIPL:

NPCI International Payments Limited (NIPL), an international arm of NPCI is devoted for deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Card Scheme – RuPay, outside of India. NPCI has successfully developed and proved its product and technological capabilities in the domestic market by transforming payment segment in India. With its knowledge and experience, NIPL can offer several countries to establish a ‘real-time payment system’ or ‘domestic card scheme’ in their own country with technological assistance through licensing, consulting for building real-time payment system. For more information, visit: https://www.npci.org.in

Contact Information
Salina Nakarmi
Head of Marketing
mobilebanking@f1soft.com