Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This week, Gemini confirmed it will now be able to operate in Europe after receiving a regulatory licence, the same week it also announced plans to go public. Meanwhile, Starling has finalised an acquisition which will make it a competitor in the digital tax management space.
Gemini gains clearance to operate in Europe
Crypto exchange Gemini secured a Markets in Crypto Assets (MiCA) licence on August 20 from the Malta Financial Services Authority to operate in the European crypto market.
This comes off the back of Gemini also receiving a Markets in Financial Instruments Directive licence in May to offer its derivatives services. With the MiCA licence, Gemini will be able to offer crypto trading services to all 30 European Union member countries.
As of early July, up to 53 crypto companies have received MiCA licenses including Circle and Crypto.com but perhaps more notably, the world’s largest crypto exchange Binance and issuer of the largest stablecoin in the market, Tether, have not received licenses thus yet.
The news of the MiCA clearance is timely for Gemini. The Winklevoss twin-owned company announced on August 18 it has registered a filing with the US Securities and Exchange Commission to take the company public.
Starling acquires Ember to bolster tax management solutions
On August 19, Starling Bank confirmed it has agreed to acquire fintech tax solution firm Ember.
Ember’s taxkeeping software will be integrated into the Starling Bank app, which will help to serve small businesses with an all-in-one service to help manage their finances, bank transactions and tax submissions.
“Just as Fleet Mortgages has flourished since we bought it in 2021, I’m confident that Ember’s best-in-class tools will become a fantastic addition to Starling Bank’s offering,” said Declan Ferguson, Group Chief Financial Officer of Starling Group.
Citi supports clients with new AI redesign
US bank Citi has redesigned its CitiDirect Commercial Banking unit by harnessing AI to drive enhancements to its efficiency and security.
One of the key additions to CitiDirect is the implementation of a new “next-best-action” solution which guides corporate clients through common tasks with greater ease due to the automation capabilities of AI.
The technology is also enabling simplified KYC renewals, providing an “intuitive” user experience, streamlining the onboarding process, and enhancing client service with a new digital hub product.
Salt Edge brings Open Banking to Web3
Salt Edge will power SyFu with new banking payment data from more than 5,000 banks across 50 countries through its integration of Open Banking.
SyFu, a Web3 lifestyle app, will utilise Open Banking to connect non-custodial crypto and digital asset wallets to these banks for its customers to perform crypto-to-fiat payments.
“Open Banking unlocks a vast range of possibilities far beyond traditional finance management,” said Virgiliu Bodrug, Open Banking Solutions Expert at Salt Edge. We’re thrilled to see creative, out-of-the-box use cases like SyFu, where payment data becomes the gateway to immersive Web3 experiences.”
Coda Recharge’s its payment capabilities
Recharge, a European prepaid payments platform, was acquired by Coda on August 19 to spearhead the latter’s payment infrastructure across different markets and industries.
Coda enables digital payments to gaming companies such as Electronic Arts and Activision, and Recharge’s access to popular payment methods from Apple and Google will aim to provide these to Coda’s range of partners.
“We now have the scale, reach, and capabilities to create new opportunities for our partners and customers worldwide — and our immediate focus is on working together to unlock that potential,” said Shane Happach, Chief Executive Officer of Coda.
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