Fintech, Finance, Technology, Banking Highlights – 16 October 2018
Visa and the International Olympic Committee, Building a Better Experience for Fans of Future Olympic and Paralympic Games
On the heels of its renewal with the International Olympic Committee through 2032, Visa, the International Olympic Committee (IOC) and the International Paralympic Committee (IPC) announced a commitment to enhancing the experience for fans of the Olympic and Paralympic Games around the world.
Using its global network of 11 Innovation Centers – from Asia to Europe and the United States – Visa is tapping into its transit, retail and conversational commerce expertise to propose forward-looking payment experiences for Olympic Games fans. This includes remote, mobile ticket purchasing, in-seat ordering and new ways to pay at retail such as making a purchase right from your television. Fans can look forward to a future with a faster, and enhanced Olympic experience whether watching in-person or from home.
“There has been no better payment technology partner historically and there is no better payment technology partner for the future we are building together,” said President Thomas Bach, International Olympic Committee. “As we introduce innovations that help improve fan experiences both on-site and at-home, we know that no matter where in the world the Olympics take us, Visa is the right partner to help us deliver them.”
For more than 30 years, Visa has been the exclusive payment sponsor of the Olympic Games. The company has continually used that global stage to introduce and implement new payment technologies. Moving forward under the renewed partnership, together Visa and the IOC will tap into the network of resident designers and developers within Visa’s Innovation Centers around the world to continue this important innovation.
This vision was brought to life today at a media event in Beijing, where Visa shared the blueprints for three Olympic Games-inspired payment moments. The innovative moments were conceived and designed in Visa’s Innovation Centers. They include dynamic new imaginings of remote digital ticket purchase, biometric authentication for stadium entry, smarter and streamlined retail shopping, and in-home couch commerce using augmented reality.
“Our Global Innovation Centers are immersed in solving every day consumer challenges and discovering improved commerce experiences, that can be shared and scaled globally,” said Ryan McInerney, President of Visa, on stage at the Beijing event. “Planning for the upcoming Olympic Games helps Visa develop industry leading payments solutions that will redefine fan experiences and leave a legacy of improved digital commerce everywhere.”
American Express Early Pay Offers Flexible, Cost-Effective Supplier Payment Options
American Express is announcing the initial launch of Early Pay, a supply chain finance and dynamic discounting solution, as the newest addition to its suite of business financing options.
Eligible large U.S. companies who buy goods and services from U.S.-based suppliers can leverage the solution as a way to increase cash flow, generate working capital, and make their supplier payment process more efficient. In turn, suppliers can access the easy-to-use digital platform to have their eligible invoices paid earlier than their original payment due date at a competitively-priced early payment discount.
“Access to money and improving efficiency are crucial for the growth of both corporations and the companies they work with,” said Gina Taylor Cotter, Senior Vice President and General Manager, Global Commercial Financing at American Express. “The genesis of Early Pay actually began within the walls of American Express. We originally developed a service to use with our own suppliers in 2016, and its quick adoption and success led us to develop the Early Pay solution for external clients. Now companies can leverage their accounts payables to reduce costs of goods and services while offering automatic, flexible payment terms to their eligible suppliers.”
Indonesia and Singapore strengthen cooperation in FinTech
The Monetary Authority of Singapore (MAS) and the Financial Services Authority of the Republic of Indonesia, Otoritas Jasa Keuangan (OJK) signed a Memorandum of Understanding (MOU) to strengthen cooperation in FinTech and foster innovation in financial services between Indonesia and Singapore.
The MOU will facilitate information sharing on emerging FinTech market trends and developments, and promote joint innovation projects between both countries. As part of the MOU, both authorities will establish a framework to help FinTech companies better understand the regulatory regime and opportunities in each jurisdiction. This will lower the barriers of entry for FinTech companies interested in entering the other’s market.
Mr Wimboh Santoso, Chairman of Indonesia Financial Services Authority, said, “We look forward to fostering a closer collaboration with MAS to support the development of FinTech and innovative financial services across the two jurisdictions.”
Mr Ravi Menon, Managing Director, MAS, said, “Singapore and Indonesia have vibrant FinTech sectors, and MAS and OJK share a common interest in promoting innovation in financial services to enhance financial inclusion within the region. This MOU presents a good opportunity to strengthen cross-border efforts to promote the FinTech ecosystem in ASEAN.”
