Today in Europe, the Middle East and Africa, Mastercard announced an investment in Egypt’s FinTech-focused venture capital platform nClude and HSBC launched a new digital receivables finance solution.
London-based Lending-as-a-Service FinTech Trade Ledger on Tuesday (Oct. 11) announced the launch of HSBC’s new digital finance receivables solution, built with the Trade Ledger platform.
In a press release, Trade Ledger said that the technology will allow HSBC to cut the average amount of time it takes to approve new Receivables Finance (RF) customers from over a month to under 48 hours.
Using the new online application journey HSBC customers can now transfer data automatically through an API from their accounting software package or manually through the user interface.
The Digital RF solution automatically generates a survey and risk report using a rule-based decision engine which is then submitted to the underwriters within hours of the application being received, the release states.
In a move that signals a major change for Switzerland’s financial services industry, the Swiss government today asked the finance ministry to draft proposals by mid-2023 that could increase transparency by making it easier to identify company owners.
The plans will see the government create a central registry to track who owns legal entities. As reported in Reuters, the government stated that the move aims “to strengthen the prevention and prosecution of financial crime and thus the integrity and reputation of [Switzerland as a] financial center and business location.”
Alongside the proposal to record company ownership, the cabinet has floated the idea of expanding anti-money laundering (AML) laws to cover the legal profession. Currently, the law’s due-diligence obligation only applies to financial intermediaries. It should be noted however that the Swiss parliament rejected a similar proposal to expand the scope of AML legislation last year.
French telecom Orange is reportedly weighing its options for its online banking division in the wake of media reports that the company was considering the sale of Orange Bank.
“In a very highly competitive environment in the banking market, Orange is considering all opportunities to develop Orange Bank’s activities and support its growth,” a spokesperson for Orange told Reuters.
Earlier this week, France’s Les Echos — citing unnamed sources — said Orange had instructed investment bank Lazard to embark on a new sale or possible alliance. Orange would not confirm those reports, Reuters said.
Mastercard is investing in and collaborating with African technology company nClude to foster further financial inclusion across Egypt while also enhancing the country’s FinTech ecosystem.
A venture capital investment platform focused on FinTechs, nClude was launched in partnership with Egyptian banks Banque Misr, National Bank of Egypt and Banque Du Caire to help support the country’s digital journey.
The move aligns with Mastercard’s goal of supporting the Egyptian government’s efforts and legislation to leverage the power of technology for digital transformation, per the announcement.
The U.K.’s online luxury and fashion retailer YOOX Net-a-Porter (YNAP) has named Alison Loehnis as its interim CEO.
Loehnis will take the reins of the company beginning Oct. 31, replacing Geoffroy Lefebvre who will step down to pursue “a private equity-backed entrepreneurial career” after 11 years with parent company Richemont, according to a statement released to the press.
Loehnis has been with Net-a-Porter since 2007 and has served as president of YNAP brands Net-a-Porter, Mr. Porter, and The Outnet since 2015, the release stated.
In her new role, Loehnis will lead YNAP until the company sells 47.5% and 3.2% of YNAP’s share capital to fashion industry platform Farfetch and Alabbar, respectively, which is expected to happen by the end of next year.
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