Payzello is a new challenger bank in India, focusing on the retail market that offers a wide variety of products, with a specific focus on personal finance management.
In its list of offerings, the firm includes a single card for both debit and credit, app-based loans, money transfer and request, end to end expense management, Bharat QR, three minutes’ account opening, among others – and all this with zero paperwork.
A chatbot is included in the app, called Ello. It was made for conversations regarding users’ finances and provides suggestions.
Currently, Payzello is not a bank, although it has partnered with multiple banks to provide users with financial solutions. However, Payzello does have ambitions to apply for a banking licence. Its banking partners are Laxmi Vilas Bank and Yes Bank.
Payzello applies an ‘extremely flat hierarchy’ throughout the decision making, as it believes in empowering its people.
The firm is based in Hyderabad, Telangana. The company’s CTO is Udit Prasad Mishra, who had previously founded Instafund Internet, a fintech; and a developer at Zeta Interactive – according to its LinkedIn profile. Payzello is available both in Android and iOS
JPMorgan Chase is shutting down Finn, the mobile-only banking offshoot aimed at millennials, just a year after its nationwide launch.
As first reported by the Wall Street Journal, the banking giant began telling Finn customers that their funds are being transferred to other Chase accounts.
JPMorgan designed mobile-only Finn by working closely with millennials for more than a year to understand their unique money challenges and what influences their spending. It launched nationwide last June following a trial in St Louis.
Finn came complete with a set of smart budgeting tools, autosaving features and the ability to use emojis to rate transactions and purchases bought using the app.
JPMorgan Chase is one of several established lenders to launch a standalone mobile offering in an effort to win over younger customers and fend off the challenge of digital upstarts.
But the bank has now decided that Chase is better suited to provide Finn’s services itself, sources tell the WSJ.
Microsoft and Oracle partner for cloud interoperability services
Microsoft and Oracle have entered into a cloud interoperability partnership which aims to enable customers to migrate and run their workloads across Microsoft Azure and Oracle cloud. The cloud service providers state that the partnership is expected to allow enterprises to connect seamlessly to Azure’s and Oracle Cloud’s services, deliver an optimized experience and provide a one-stop shop for all the cloud services.
“As the cloud of choice for the enterprise, with over 95% of the Fortune 500 using Azure, we have always been first and foremost focused on helping our customers thrive on their digital transformation journeys,” said Scott Guthrie, executive vice president of Microsoft’s Cloud and AI division. “With Oracle’s enterprise expertise, this alliance is a natural choice for us as we help our joint customers accelerate the migration of enterprise applications and databases to the public cloud.”
The partnership will allow for the development of new scenarios like running Oracle E-Business Suite or Oracle JD Edwards on Azure against an Oracle Autonomous Database running on Exadata infrastructure in the Oracle Cloud. Some of the new set of capabilities defined is the development of unified identity and access management, deployment of custom applications and packaged Oracle applications and a collaborative support model for IT organisations for deploying the new capabilities.
“The Oracle Cloud offers a complete suite of integrated applications for sales, service, marketing, human resources, finance, supply chain and manufacturing, plus highly automated and secure Generation 2 infrastructure featuring the Oracle Autonomous Database,” said Don Johnson, executive vice president, Oracle Cloud Infrastructure (OCI). “Oracle and Microsoft have served enterprise customer needs for decades. With this partnership, our joint customers can migrate their entire set of existing applications to the cloud without having to re-architect anything, preserving the large investments they have already made.”
The online payments giant joins a long list of existing backers that includes U.S.-based Insight Venture Partners, Sunstone Capital (which recently re-branded as Heartcore Capital), SEB, Nordea Ventures and ABN AMRO Digital Impact Fund. Individuals such as Christian Clausen, former chairman of the European Banking Federation, and Nikolay Storonsky, co-founder of banking app Revolut, are also investors.
Originally launched in Sweden in 2013 as a consumer-facing finance app with bank account aggregation at its heart, Tink has since repositioned its offering to provide the same underlying technology and more to banks and other financial service providers that want to ride the open banking/PSD2 train.
Through various APIs, Tink provides four pillars of technology: “Account Aggregation,” “Payment Initiation,” “Personal Finance Management” and “Data Enrichment.” These can be used by third parties to roll their own standalone apps or integrated into existing banking applications.
Meanwhile, with its investment, PayPal has agreed to partner with Tink to leverage its account aggregation technology to “improve product experiences” for PayPal customers. What this means in practice isn’t entirely clear, although it is likely PayPal could use open banking for easier and more secure onboarding. Another obvious use case would be to check your bank balance prior to initiating a debit card payment or use your transaction history in relation to PayPal Credit.
Adds Jennifer Marriner, VP of global markets and partnerships of PayPal: “Open banking is transforming financial services, allowing customers to more easily move and manage their money. Tink has developed the infrastructure and data services for this new financial world and we’re excited to work together to continue to democratise financial services.”
The cloud computing market revenue in Southeast Asia is estimated to reach US$40.32 billion by 2025 as a result of an increased demand for cloud computing among SMEs
Cloud computing (or simply ‘the cloud’) has now long been established as a core technology that signals a shift from the traditional, legacy way of operating – and it’s still growing. A compelling reason to shift at least some of your operations to the cloud is the ability to better allocate resources based on business requirements, along with flexibility, agility and cost-efficiency gains to be made.
Gartner forecasts the worldwide public cloud service market to grow from US$182.4 billion in 2018 to US$331.2 billion in 2022, a compound annual growth rate (CAGR) of 12.6%.
Although the market value of public cloud is already higher than that of private cloud, the private cloud and virtual private cloud continue to hold a significant market share due to existing organisational difficulties in switching to the public cloud model. Nonetheless, public cloud is expected to grow continuously through 2020.
In Southeast Asia, the cloud computing market revenue is estimated to reach US$40.32 billion by 2025 as a result of an increased demand for cloud computing among small and medium-sized enterprises (SMEs).
During recent years, countries in the ASEAN bloc have been working on the expansion of universal broadband infrastructure, building a stronger ICT industry, promoting a widespread use of ICT in all sectors, developing a skilled ICT workforce and creating a solid legal infrastructure suitable for the new technology development.
However, technological progress among ASEAN members is disparate and some of the states still have a long way to go before they can be considered anything approaching cloud-native.
Below we review the state of cloud computing across the core ASEAN-5 members: Indonesia, Malaysia, Philippines, Singapore, and Thailand.
IDC forecasted in February a rise in data centre consolidation and migration with the recent second launch of Alibaba’s cloud operations in Indonesia.
The inauguration of new data centres in the country shows that there is an ongoing shift in business priorities, driving local organisations to adopt multi-cloud strategies. This means that the demand for hosting infrastructure services will increase as more enterprises in Indonesia are investing in their digital transformation journeys.
IDC also predicted that the expansion of Alibaba in Indonesia will potentially create new growth opportunities for local businesses as the rise in data centres will address the demand for scalable and cost-effective cloud computing, and provide Indonesian enterprises a choice to build their businesses and workloads locally.
A study on cloud computing in ASEAN by Thailand’s Electronic Government Agency (EGA) concludes that Indonesia is a potentially huge market for cloud computing – helped along by a swift growth in internet users and a nascent stage of business transformation based on cloud computing.
VMWare Cloud Index 2013 found that 41% of businesses in the country have adopted the cloud in some form. It also showed that 34% are planning to implement cloud initiatives in their organisation within 12 months. Top early adopters of cloud computing include financial institutions, wholesale and retail sale, transport, warehouse and communications, and the creative industry.
IDC predicts: By 2020, the percentage of companies to have deployed a digital platform will more than double. Is your organisation one of them?
After the 29th MSC Malaysia Implementation Council Meeting held in October 2017, former Prime Minister Datuk Seri Najib Razak introduced a ‘Cloud First’ strategy in the country.
“Cloud adoption will enable the government to rapidly deliver innovative public sector services to the rakyat without incurring high levels of capital expenditure to invest in IT infrastructure such as data centres, servers and storage,” he said at the time.
“This enables the government to allocate resources for more impactful programmes for the rakyat [people, in Malay]. With this strategy in place, there is no doubt the government is taking the lead in embracing digital transformation.”
Greater adoption of cloud services is expected to benefit the Malaysian government through the use of collaborative platforms that would ease services deployment amongst government agencies.
The Malaysian government is also encouraging cloud adoption within the private sector.
“Digital disruption is inevitable; it is the way of the world now,” said MDEC CEO Datuk Yasmin Mahmood during the council meeting. “It is imperative for businesses to embrace the cloud to successfully integrate digital technologies to their business processes.”
In the Asia Cloud Computing Association’s Cloud Readiness Index 2018, the Philippines remains one of the countries in the Asia Pacific that is yet to mature in terms of cloud adoption.
In 2013, the Philippines government launched the GovCloud initiative, a private cloud computing system for government agencies to use basic cloud applications such as email, web hosting, and payment gateway applications.
The GovCloud initiative aims to boost the cloud ecosystem in the country. In fact, a World Bank study on the Interoperability Readiness and Demand Assessment of government agencies shows that most government agencies in the Philippines favourably adopt cloud computing to provide public services.
Although cloud computing adoption among Filipino businesses was estimated at 35% by the VMWare Cloud Index 2013, the country still lacks standards for ICT and data exchange, and data handling.
Local telecommunications provider PLDT has significantly developed cloud infrastructure in the region and has recently emerged thanks to a concerted effort in building out its own public cloud infrastructure.
Singapore has seen ICT infrastructure as a key enabler in boosting the overall competitiveness in the region, based on creating new industries and new businesses, thereby encouraging economic growth. The city-state boasts a prime position among its neighbours when it comes to cloud computing adoption.
According to a paper by Reuben Ng published in Politics and Governance, Singapore’s adoption of cloud computing is fuelled by five key drivers. These are a public demand for and satisfaction with e-government services, a focus on whole-of-government policies and practices, a restructuring of technology agencies to integrate strategy and implementation, the building of the Smart Nation Platform, and purpose-driven cloud applications, especially in healthcare.
Helping Singapore’s cloud computing readiness, among the top 10 in 2018 BSA Global Cloud Computing Scorecard, is its excellent IT infrastructure and the development of a national network to bring high-speed fibre to the home.
Singapore has modern digital economy laws, such as the Electronic Transactions Act 2010 and privacy laws which provide a balanced approach between protecting personal information and facilitating innovation in cloud computing and the digital economy.
Cloud computing development is further underpinned by Singapore’s human resource
development strategy – the Competency Development for Industry and Manpower. The
strategy encompasses a number of projects such as the Infocomm Manpower Development
Roadmap v2.0, aimed at capacity building and equipping students with cloud computing knowledge and skills, as well as training courses for IT personnel to help them develop skills for cloud computing.
EGA categorises users of cloud computing into two groups, namely large enterprises and SMEs. Large enterprises show great potential as cloud computing users, scoring highly on metrics such as investment budget, understanding of the benefits, and skilled IT personnel.
However, medium-sized businesses tend to use customised software as well as development of specific applications for their internal use, and the smallest-sized businesses tend to move to the public cloud to reduce operational costs, improve workflow and remove concerns over IT management.
National policies related to the promotion of cloud computing fall under the responsibility
of the Ministry of Information and Communications Technology (MICT), and EGA is the key agency responsible for the implementation of government cloud services.
Despite all these efforts to promote the provision and adoption of cloud computing, the
existing legal infrastructure remains a worrying issue for Thailand. Service providers perceive the Computer Crime Act B.E. 2550 to be disruptive and inconsistent with current cloud computing practices.
With cloud, the data that these providers are required to store by the Act will amount
to the level of big data, adding more challenges for providers to inspect it. However, the Act
specifies that any service provider intentionally supporting or consenting to a crime involving
dissemination or forwarding of forged or false computer data in a manner that is likely to cause damage to a third party or the public, or to the country’s security or data of a pornographic nature shall be subject to the same penalty as that of a person committing the crime.
This section of the law has strong negative effects on public cloud service provision, especially in the areas of video
Một thông tin từ VINID cho biết hiện công ty nhận tiếp quản ví MonPay từ People Care, đang trong quá trình chuyển đổi, hoàn thiện các thủ tục liên quan.
Trong một văn bản gửi khách hàng mới đây, CTCP People Care – nhà cung cấp dịch vụ ví điện tử MonPay – thông báo CTCP VINID đã chính thức trở thành đại diện cho các cổ đông mới của công ty này.
Đồng thời, đầu mối phụ trách thông tin liên lạc mới của People Care cũng được chuyển sang cho bà Hoàng Khánh Ngọc – một nhân sự của VINID.
Một đại diện VINID cho biết công ty đã nhận tiếp quản ví MonPay từ People Care và đang trong quá trình chuyển đổi, hoàn thiện các các thủ tục liên quan. Sau khi hoàn thành quá trình chuyển đổi, công ty sẽ có thông báo chính thức tới khách hàng. Trong thời gian này, hoạt động của ví MonPay vẫn diễn ra bình thường, khách hàng hoàn toàn có thể yên tâm sử dụng.
Theo lãnh đạo Vingroup, thẻ VINID hiện có 4 triệu thành viên. Ảnh minh hoạ: Mạnh Đức.
VINID là công ty con trực thuộc Tập đoàn Vingroup, được thành lập vào tháng 7/2018, Vingroup góp 80% cổ phần. VINID được giới thiệu là Chương trình Chăm sóc Khách hàng thân thiết của Vingroup và phát hành thẻ VINID cho toàn bộ các khách hàng sử dụng sản phẩm, dịch vụ của các công ty thành viên trực thuộc tập đoàn. Có nhiều điểm tương đồng với ví điện tử, nhưng VINID là thẻ trung gian thanh toán.
Chia sẻ tại phiên họp đại hội đồng cổ đông thường niên năm 2018, Chủ tịch Vingroup Phạm Nhật Vượng cho biết hiện thẻ VINID đang có 4 triệu thành viên.
Thời gian gần đây, thị trường ví điện tử Việt Nam có sự tăng trưởng mạnh mẽ. Tại họp báo về điều hành chính sách tiền tệ và hoạt động ngân hàng của NHNN diễn ra ngày 1/4 vừa qua, ông Nghiêm Thanh Sơn, Phó Vụ trưởng Vụ Thanh toán, cho biết hiện cả nước có 26 tổ chức cung ứng dịch vụ ví điện tử, 10.000 đơn vị chấp nhận thanh toán ví điện tử.
Tính đến 31/12/2018, cả nước có 4,24 triệu ví điện tử đã được xác thực, liên kết với tài khoản ngân hàng/tổng số gần 9 triệu ví đăng ký.
MonPay là ví điện tử của People Care, ra mắt tại Việt Nam vào tháng 1/2018.