- Facebook is from last October registered in the Bankof Spain Register as an e-money issuer. Facebook subsidiary, Facebook Payments International Ltd,. based in Ireland is now granted operations in Spain. Facebook launched p2p payments through Messenger in the US last year and its license in Ireland would let FB to delivered p2p payments across the EU. It is to be seen if Facebook will rely on card schemes or the future SCT Inst scheme in the EU.
- Major insurer AXA is partnering with Silicon Valley insurance start up Trov to launch an on-demand, mobile-first service aimed at millenials in Britain. Trov lets people buy flexible insurance for single items through their smartphone. If, for example, you have got an expensive camera sitting in your cupboard that you only occasionally use, you can use Trov to get temporary insurance for the times when you do actually take it out and use it.
- According to El Confidencial, Kantox, the Spanish fintech start up that offers FX management solutions would be the latest fintech start-up to pivot its business model and will start soon to sale its technology to banks.
- BNP Pariba has opened an online portal to connect bank staff and business lines with innovative start-ups. Dubbed OpenUp, Startups can use it to post ideas and get connected to the relevant business line managers for onward development. The site also includes a facility for BNP Paribas employees to post projects, with a dynamic matching that notifies all relevant parties when a match occurs.
- Santander InnoVentures, the fintech venture capital fund of Santander Group, has announced an investment in PayKey, a start-up that allow peer to peer payments as easily as writing chat or sending a photo to a friend using WhatsApp, Facebook Messenger or Twitter. Israeli-based PayKey has developed a mobile keyboard application that connects to the bank to make instant and secure payments.
- Deutsche Börse acquired stake in figo. figo is a banking service provider focused on building the banking infrastructure of the future and it offers its customers an API designed to fulfill PSD2 requirements, giving banks an alternative to building the regulation-required APIs in-house.
Banks & Market development
- ABANCA is the latest Spanish bank to create a Consumer Finance unit. This new unit will be led by Salvador Loscertales and plan to finance 400 million in its first phase. ABANCA Consumer Finance will focus on POS Finance as well as credit cards/loans for open market.
- Metro Bank boots sharing economy with market leading approach to Airbnb. The high street bank will let its residential mortgage customers to rent their properties through Airbnb, and similar site, for up to 90 days a year without prior approval.
- Ikea extends it online commerce offering to all its shops in Spain, after testing the service in its shops in Valencia, Barakaldo and Pamplona
- Mastercard Spain has announced a new promotion for L27 and Airport Express bus lines in Madrid. All Friday rides until 30 December will be free of charge if paid by a Mastercard card. Earlier this year Mastercard, Santander Elavon and EMT launched a pilot to let users of both bus lines to pay their rides contactless.