{"id":36407,"date":"2020-08-04T15:14:03","date_gmt":"2020-08-04T12:14:03","guid":{"rendered":"https:\/\/www.bondora.com\/blog\/?p=36407"},"modified":"2020-08-04T15:14:03","modified_gmt":"2020-08-04T12:14:03","slug":"fintech-revolution-microsoft-and-mastercard-join-forces","status":"publish","type":"post","link":"https:\/\/goandgrow.eu\/en\/blog\/fintech-revolution-microsoft-and-mastercard-join-forces\/","title":{"rendered":"Fintech Revolution: Microsoft and Mastercard join forces and other Fintech news"},"content":{"rendered":"\n

Microsoft and Mastercard need no introduction. Both companies are giants in their own fields and have changed the technology and financial worlds, respectively. Now these two titans have announced a partnership<\/a> that could change the course of fintech history.<\/p>\n\n\n\n

\"Mastercard
Mastercard and Microsoft\u2019s partnership will revolutionize the fintech industry.<\/em><\/figcaption><\/figure>\n\n\n\n

Through their strategic collaboration they want to encourage and develop the next generation of digital commerce, devices and services that will diversify the field.<\/p>\n\n\n\n

\u201cThe partnership will see Mastercard Lab\u2019s cloud R&D activities powered by Azure and cutting edge artificial intelligence (AI). It forms part of Mastercard\u2019s ongoing mission to mitigate the risk and increase the commercial viability of emerging tech for use in digital commerce,\u201d reports FinTech Magazine<\/a>.<\/p>\n\n\n\n

Their joint efforts will be focused on digital commerce, enabling financial inclusions and driving innovations and startups in the fintech industry.<\/p>\n\n\n\n

Fighting fraudsters: Bondora partners with Onfido<\/h2>\n\n\n\n

2020 has been a booming year for digital channels and technology. With the health crisis and subsequent lockdowns, digital technology offered people the opportunity to connect, work from home, and continue with life in a \u2018new normal\u2019 way.<\/p>\n\n\n\n

\"Bondora
Bondora partnered with Onfido in July 2020.<\/em><\/figcaption><\/figure><\/div>\n\n\n\n

But this increase in digitalization also gave rise to even more online fraudsters and scam artists<\/a>. Although online fraud is nothing new, it will grow increasingly widespread and become even more important for companies to combat.<\/p>\n\n\n\n

Bondora<\/a> takes cybersecurity very seriously. We want customers to feel at ease and reassured that their investment and personal information is safe with us. That\u2019s why keeping our customers\u2019 money and data safe and secure is our top priority.<\/p>\n\n\n\n

We\u2019ve recently partnered with Onfido, a global identity and verification company that automates compliance and identity verification. Through Onfido<\/a>, we can offer our customers a secure and seamless experience for identity verification, giving them peace of mind that their data and investments are secure.<\/p>\n\n\n\n

\u2018Regulatory overhaul\u2019 on the cards for EUs fintech companies<\/h2>\n\n\n\n

Following the collapse of Wirecard, the European Commission has signaled that an entire re-evaluation<\/a> needs to be done on how fintech companies are regulated in the EU. The need for this is becoming increasingly clearer as financial companies are moving away from the traditional and more into the alternative sphere.<\/p>\n\n\n\n

\"The
The European Commission will review the regulations surrounding fintech companies.<\/em><\/figcaption><\/figure><\/div>\n\n\n\n

\u201cWe will assess how to improve the relevant EU rules so these kinds of cases can be detected,\u201d Valdis Dombrovskis told Reuters<\/a>. He added that the review is set to end before autumn.<\/p>\n\n\n\n

They will specifically focus on the regulation of firms that begin as startups without banking licenses, like Wirecard, but then acquire banking licenses and services late ron. This is seen as a potential grey area.<\/p>\n\n\n\n

Possible regulatory changes could involve new requirements related to transparency for listed firms as well as accounting rules and market abuse standards. What makes Wirecard a possible outlier is the fact that they seemed to have submitted unreliable financial statements. The result is that BaFin, Germany’s financial watchdog and the accounting standards body Financial Reporting Enforcement Panel has come under intense scrutiny for the Wirecard scandal. <\/p>\n\n\n\n

TransferWise worth over \u20ac5 billion<\/h2>\n\n\n\n

TransferWise, one of the preferred payment options on Bondora, has recently been valued at over \u20ac5 billion. The fintech company announced the news last week, after \u20ac319 million worth of shares were sold by employees and early investors at a secondary share sale.<\/p>\n\n\n\n

\"TransferWise
TransferWise has reshaped international transactions.<\/em><\/figcaption><\/figure><\/div>\n\n\n\n

Founded in 2011, the company has become a major success and is often dubbed the \u2018fintech unicorn\u2019<\/a> of Europe. The founders say that this vast year\u2019s increase in digitalization and online transactions has caused their number of clients to rise as well.<\/p>\n\n\n\n

\u201cThe 43% bump in TransferWise\u2019s valuation reflects an acceleration in online payments<\/a> and a reduction in cash usage<\/a> caused by Covid-19,\u201d reports CNBC<\/a>.<\/p>\n\n\n\n

This online platform helps over 8 million customers<\/a> make international transactions, and they process over \u20ac4.4 billion in cross-border payments every month.<\/p>\n\n\n\n

That\u2019s it for our Fintech news this month. Keep an eye on the blog for more industry-relevant news, tips and posts. Or follow us on Instagram @bondora_capital<\/a> for even more regular updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Microsoft and Mastercard need no introduction. Both companies are giants in their own fields and have changed the technology and financial worlds, respectively. Now these two titans have announced a partnership that could change the course of fintech history. Through their strategic collaboration they want to encourage and develop the next generation of digital commerce, […]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[119],"tags":[],"class_list":["post-36407","post","type-post","status-publish","format-standard","hentry","category-financial-well-being"],"acf":[],"featured_image":null,"categories_names":["Financial Well-being"],"category_name":"Financial Well-being","_links":{"self":[{"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/posts\/36407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/comments?post=36407"}],"version-history":[{"count":0,"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/posts\/36407\/revisions"}],"wp:attachment":[{"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/media?parent=36407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/categories?post=36407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goandgrow.eu\/en\/wp-json\/wp\/v2\/tags?post=36407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}