Latest global banking news

September 28, 2022 11:39 AM

This week in global news, King Charles III to replace the late queen on coins, Revolut gets clearance on crypto from U.K. regulators, Mastercard expands digital payments in Dubai, and more.

Here's what's happening around the world.

King's image to appear on British coins

New coins issued in the U.K. will bear King Charles III's portrait, and will gradually replace coins with the late Queen Elizabeth II's image, a process that's expected to take several years. The Royal Mint did not provide specific timing for the first coins with King Charles' image, saying the coins would be distributed in line with demand from banks and post offices, and as coins with the queen's image become worn. There are about 27 billion coins in circulation in the U.K. The announcement follows speculation on what would happen to the image on British money, with the Bank of England saying an announcement will be made about paper notes in the near future.

Revolut gets green light for crypto in U.K.

London fintech Revolut will be able to continue to offer cryptocurrency services in the U.K. after obtaining regulatory approval from the Financial Conduct Authority. Revolut was added to the list of FCA-approved crypto companies on September 26 after months of review. The company had been operating under a temporary waiver since March, when a deadline for registration passed, according to Coindesk. Revolut is still waiting for a bank license in the U.K., after submitting an application in early 2021. The fintech, which has added several financial products and moved into several new markets over the past two years — with plans to move into Brazil and Mexico just announced — is also battling U.K. regulators over its accounting audits.

Banco Sabadell launches 'round up' charitable feature

Banco Sabadell is allowing consumers to make a donation following card payments at the bank's new Smart point of sale terminals. Consumers will be asked to "round up" payments, with funds going toward a rotating list of social and environmental projects that are operated by non-government organizations and other international and locally-recognized agencies. The Alicante, Spain-based bank expects to deploy the feature at more than 20,000 point of sale locations within the next 12 months. The "round up" product is similar to an American Express "round up" product that launched earlier in September.

Mastercard expands digital payments in Dubai

The United Arab Emirates' digital wallet Noqodi has partnered with Mastercard to support contactless payments for government and private-sector organizations. The two parties will offer Tap on Phone, which will allow consumers to make payments by tapping their card or device against a merchant's phone, a payment experience similar to Apple's Tap to Pay in the U.S. and other countries. The government of Dubai in 2020 formed a cashless working group to shift cash payments to digital. Noqodi is owned by emaratch group, which is part of the Investment Corporation of Dubai. Emaratech also manages other functions that can be paired with virtual card payments, such as national IDs, visas and access to medical records.

Stripe lands investment client in Ireland

Irish Life has hired Stripe to provide payments support for the insurer's Smart Invest app. The insurance and pension company launched Smart Invest in 2021, aiming to make investing more accessible by opening the app for people with as little as about $100 in their accounts. The app also features funds that support environmentally sound projects. Stripe will facilitate investments through its payment platform and Stripe Billing, while storing personal data for Irish Life's customers. Stripe's technology will also support back-office operations at the insurer. Stripe has been using its underlying payments technology and data management tools over the past year to branch into new markets and products.

South Africa payments tech firm adds Google Pay

Google Pay is a new option via Flutterwave, a South African payment technology company, which includes merchants and other businesses as clients. Consumers can choose Google Pay after selecting a product on a Flutterwave-supported website, with international payments also available. Google recently reorganized its payment-related services, with Google Pay existing as a payment feature inside Google Wallet, which stores transit, travel and health care credentials.

U.K. MPs push against fraud, money laundering

Potential legislation would pressure U.K. businesses to do more to battle financial crime. Called the Economic Crime and Transparency Bill, businesses forming limited partnerships will have to provide more transparency into their arrangements, with a focus on transaction fraud and money laundering. Law enforcement would have more power to seize and freeze digital currencies that are tied to crime. The new bill follows a move to seize Russian assets in the U.K. following its invasion of Ukraine, and similar financial moves against Russia by other countries.

Samsung launches card in India

Samsung and Axis Bank are partnering to issue a co-branded Visa card in India. Options include Visa Signature and Visa Infinite, with both cards offering 10% cash back on Samsung purchases. There is also incentive marketing tied to spending at participating merchants, with loyalty features including access to airport lounges. The card is heavily targeted toward Samsung's core products. Visa cited research that found 75% of Indian consumers buy one or more electronic devices each year, spending an average of $500.