Jakarta-based Bank Mandiri, one of the largest state banks in Indonesia, and JCB have inked a deal for the acceptance of JCB cards at Mandiri’s ATMs and EDC. A payment card issuing deal is also on the table between the two giants.
Net Element, Inc., a technology-driven group specializing in mobile payments and value-added transactional services in emerging countries and in the United States, is pleased to announce that the Company completed the closing of a $10 Million credit facility from the payments industry-leading lender, RBL Capital Group, LLC. This closing represents the second funding in the $30 million financing round that was announced by the Company on April 22, 2014.
Net Element, Inc. is pleased to announce that the Company completed the first closing of $11.2 million from a new investor, Cayman Invest, SA (“Cayman Invest”). Cayman Invest has agreed to fund $11.2 million and in return the Company has issued to Cayman Invest, SA a note that is convertible at or before a maturity date of March 31, 2015 into 15% of the outstanding shares of Net Element. This investment by Cayman Invest is structured as a convertible debenture that does not accrue interest before the maturity date. The $11.2 million raise is part of a larger financing round totaling $30 million that the Company plans to complete this year.
i2c, Inc. today announced that Caledonian Bank Ltd., a division of Caledonian Global Financial Services Inc., is leveraging its global platform for next-generation card processing.
Wells Fargo announced Joe Saffire has been appointed head of its Global Banking operations in Europe, Middle East and Africa (EMEA). In his London-based role, Saffire will focus on growing the global banking business throughout the region as Wells Fargo expands its international services for U.S.-based commercial and corporate customers doing business in Europe, and for European companies with operations in the U.S. The Global Banking division provides financing options, risk and treasury management solutions, and trade finance services to middle market and large U.S. and foreign owned companies. Saffire spent 20 years with HSBC where he was most recently chief operating officer and head of international banking in Germany. A native of Buffalo, New York, Saffire received his bachelor’s degree from Boston College and an M.B.A. at the University of Buffalo.
MoneyGram, a leading global money transfer company, announced today that it has added 30 countries to its direct-to-account (or cash-to-account) service for funds sent to the Philippines. Previously, the direct-to-account service was available only for customers sending funds from the United States to the Philippines. This service enables customers to send needed funds directly into…
Alibaba Group Holding Limited (“Alibaba Group”) and Alibaba.com Limited (HKSE: 1688; 1688.HK “Alibaba.com”) jointly announced that the proposal for the privatization of Alibaba.com by way of a scheme of arrangement (“Scheme”) has been approved by a sufficient majority of the independent shareholders of Alibaba.com at the Court Meeting today. Approximately 95 percent of the shares…
Wells Fargo & Company trade services application, “TradeXchange,” is now offered through mobile delivery. The “Mobile TradeXchange” is platform is available on the Wells Fargo CEO Mobile service, allowing customers to immediately view, import and export letters of credit and execute online queries from their smartphones. This helps importers and exporters better manage and streamline the complete trade transaction lifecycle, from purchase order issuance to final settlement. Customers and their trading partners can conveniently access and view trade transactions from their smartphones.
Wells Fargo’s International Group has named Charles Kohler deputy head for GPS and Timothy Merrell director of Payments Consulting, Strategy and Customer Experience for GPS. Kohler will manage sales, liability and liquidity products as well as monitor and mitigate payment system risks. Merrell will develop strategy for new and core payment services as well as the overall customer experience. Both are based in New York and will report to George Doolittle, head of Wells Fargo’s GPS.
American Express established a new partnership with Lianlian Group payment service company, authorizing technology and investing. With this, AmEx will license its digital wallet “Serve” commerce technology to the Zhejiang-based Lianlian Group. The Chinese company will be allowed to apply the technology in its payment services, but will not necessarily use the Serve brand. AmEx plans to expand its Chinese presence and open a new office. This after having made an equity investment of US$125 million in its new partner. This ultimately will help AmEx improve its operating leverage in China and reach out to its merchants more efficiently, compared to other foreign payment service companies.
American Express partnered Lianlian Group, allowing it to implement its “Serve” next-generation commerce technology, in products and services it develops for its consumer and business customers in China. The Serve platform, which American Express will license to Lianlian Group, is expected to help power a new Lianlian Group digital wallet that consumers can use to top up mobile phone minutes, pay bills and purchase products or services. American Express has also made an equity investment in Lianlian Pay Inc., an overseas company of the Lianlian group of companies (collectively “Lianlian Group”). This offers a fast and convenient way to handle day-to-day transactions, beginning with mobile top up minutes and over time expanding into other financial products and services.
Telepin Software mobile money transaction platforms announced that Etisalat Afghanistan has commercially launched “mHawala” Mobile Money Services platform. Telepin’s Cayman Transaction platform will be used by Etisalat Afghanistan for a full mobile financial services (MFS) offering that includes central bank cooperation, banking ecosystem participation, utility merchant involvement, and salary disbursement, which enables complete mobile banking capabilities and future cross-border money transfers. Etisalat Afghanistan is the first mobile network operator in Afghanistan to offer this entire range of Mobile Financial Services.