FinTech Focus: Catch latest developments of the week

By Gloria Methri

FinTechs continue to play a pivotal role in transforming and reshaping the traditional contours of the financial industry. As technology becomes increasingly intertwined with financial services, FinTech innovations are not merely incremental but rather revolutionary, paving the way for enhanced efficiency, accessibility, and novel business models.

This week’s FinTech Focus brings forth a curated selection of the most significant developments that underscore the dynamic nature of this sector.

Let’s look at the top six announcements made by the FinTech bigwigs this week:

• Mastercard

“Another first with our close partners at HSBC Middle East, as we jointly announce our new commercial card platform, the Mastercard Wholesale Travel Program. HSBC will deploy the Mastercard Wholesale Program (MWP), a virtual card-based B2B payment product, for the first time in the Middle East to its travel industry customers to advance secure, streamlined and automated B2B travel transactions.”

• Tencent

“Western Union and Tenpay Global expand their collaboration to allow users around the world to send international money transfers from Western Union’s digital channels directly to Weixin Pay wallets and linked bank accounts. Combining Weixin’s extensive user base and Western Union’s global reach, the collaboration represents a step forward in making financial services accessible for all.”

• BNP Paribas