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Game on: Game accessory maker Razer has launched a digital wallet and virtual currency for game purchases and downloadable content. Called ZVault, it includes zGold currency and zSilver, a rewards currency. The Verge reports Razer hopes to drive more players to its brand, and to make purchases through Razer instead of spending directly on popular platforms such as Steam. Users sign up for a zVault account through Razer, and make deposits of $30, $50 or $100 that's convertible to zGold. zGold is spent on Razer keyboards, mice or gaming headsets, or for purchase at Razer's partner stores such as Gamersgate or IndieGala. Razer has also partnered with Hi-Rez Studios, Smilegate West and Trion Woods. zSilver enables users to earn reward points based on usage.
Razer headphones sit on a gaming unit as visitors play Minecraft Parkour, at the Legends of Gaming Live event in London, on Saturday, Sept. 5, 2015. The Sterling suffered the sharpest turnaround of any developed-world currency over the past month, tumbling against its Group-of-10 peers and posting its longest stretch of declines versus the dollar in almost a year. Photographer: Luke MacGregor/Bloomberg
Luke MacGregor/Bloomberg
Allies in tech: Singapore and Abu Dhabi have agreed to jointly support fintech startups in each market, and to collaborate on financial services projects such as mobile payments, distributed ledger and data innovation. Finextra reports The Monetary Authority of Singapore and Abu Dhabi Global Market wish to encourage development as both markets push digital technology in a variety of areas. In Singapore, for example, digital transaction technology has recently been used to enable wearable devices and open loop Mastercard accounts to pay for transit. Singapore's MAS has entered into similar cross-border agreements with Australia, Switzerland and the U.K. Abu Dhabi has opened a regulatory lab and open toolkit for startups to test technology before authorization.
Former Square techies target merchant services: A group of former Square executives has formed Indigo Fair, a company that attempts to simplify local retailers' ability to find and buy merchandise. TechCrunch reports the company aggregates products from distributors, claiming a network of 20,000 products from 5,000 manufacturers, and contends it can obtain items the retailers may not be able to find. After finding items, Indigo links to an ordering function. Indigo Fair was founded by three Squareveterans who worked on some of the company's more aggressive expansion plays as it diversified beyond smartphone card acceptance. Indigo's CEO, Mad Rhodes, was project manager on Square Capital. Daniele Perito, Indigo's CIO, led risk and security for Square Cash; and Marcelo Cortes, Indigo's CTO, was engineering lead for Square Cash.
Loot diversifies digital access: Fresh off a new capital raise, U.K. digital payments startup Loot is adding web access, making it available over iOS, Android and the web. Finextra reports the move enables consumers to use Loot to access their funds if their phone gets lost, or if users prefer a laptop or PC. Loot users will also be able to pay into their account using any debit card. Loot's model, which is similar to Moven or Simple, is aimed to reach young consumers with a prepaid Mastercard and a five-minute account opening process. The app monitors spending, offers instant notifications and discounts.
Banks should ditch cash to boost customer loyalty: Collinson Group CPI Financial • Cpi_Financial Cashless society is not a new concept. Debate about the future of cash has raged since the introduction of magnetic strip cards decades ago but in the age of the digital customer, banks are struggling to engage and retain customers, with millennials...
The Most Influential Women in Payments, 2017 In financial services, there are always opportunities for disruption. Women can advance their careers through decades of experience, but they can also come in from new points of entry such as technology development, venture capital and retail.
The retail giants are kicking the tires on their own currencies. The potential prize is a way to reimagine prepaid cards and gain a key position as new forms of artificial intelligence-powered payments take off.
Primis Bank plans to sell an undisclosed amount of its 19% ownership stake in Panacea Financial, a digital-only lender focusing on medical professionals and veterinarians. The deal should yield $22 million.
The impact of President Trump's tariffs is the top concern for most middle-market American businesses, a new KeyBank survey found. But these firms also view the scrambled landscape as a chance to innovate and restructure.
The Federal Reserve Board banned a former relationship banker in Arkansas after he was caught stealing customer funds; Benchmark Federal Credit Union plans to merge with Franklin Mint Federal Credit Union to form a $2.1 billion-asset institution; Robin Vince, CEO of Bank of New York Mellon since 2022, has been elected chairman of the board; and more in this week's banking news roundup.
