FinTech news in block category
Late Tuesday night, TBD, the Bitcoin-focused division of Jack Dorsey payments company Block (formerly Square), announced an ill-thought-out plan to trademark the term, which refers to its vision for a decentralized, privacy-focused iteration of the future web that TBD has been promoting in recent months. For several months, TBD has been promoting the term Web5, explaining how Web5 technologies could bring decentralized identity and data storage to applications while returning ownership of data and identity to individuals. In theory, Web5 would allow users to connect with apps using their decentralized identity, instead of constantly creating new profiles for services they wanted to try. This move, however, did not fly with the TBD community, as many pushed back at the idea that free and open-source technology needed such a gatekeeper.
When Sabbah spoke with journalist last year, he said Telda had obtained a license from Egypt’s apex bank, the Central Bank of Egypt (CBE) under its new regulations, allowing the company to issue cards and onboard customers digitally. According to sources who spoke to journalist, Telda was yet to go live in the Egyptian market after raising that much money because it ran into issues with the apex bank, among them the appropriate licensing it needed to be called a digital bank, which seemed to be Telda’s description at the time. Telda, an Egyptian consumer money app founded by ex-Swvl executive Ahmed Sabbah last April, has raised $20 million in seed funding. Telda eventually secured licence approval from the CBE a few weeks ago to launch as a consumer money and payment app in the Egyptian market.
Flip has helped over 10 million people in Indonesia as of May this year, up from more than 7 million users in December 2021, to access financial transactions, including online interbank transfers to more than 100 domestic banks, e-wallet top-ups, and international remittances, enabling users to send money from Indonesia to over 45 countries and enterprise payment transfer products.
When asked about its B2B business, Kyash carved out its white-labeled card issuing platform to infcurion last year and is focused purely on direct channel business, Takatori said in an interview with journalist. Founded by Takatori, who previously worked in the banking and consulting industry, Kyash offers a mobile banking app that enables consumers to make online and offline payments, remittances, and ATM withdrawal services. Takatori said Kyash currently focuses on the Japanese retail market.