3/16/2023 0 Comments Ripple 200m tetragon![]() ![]() Millions of people rely on cash in the UK - and while there’s been a lot of attention on ensuring consumers can get cash, it’s equally critical that they can spend it. Natalie Ceeney CBE, Chair of the Access to Cash Review, added: The service will provide a significant productivity boost to SMEs, 46% of which lamented that depositing cash is a waste of time, a recent report by Metro Bank found. Metro Bank’s customers currently make up to 250,000 trips to deposit or withdraw cash at their branches each year, totaling over £30 million of deposits by SMEs on a monthly basis. With 4.2 million UK SMEs relying on cash for day-to-day business operations, the service will be a welcome addition to the bank’s customer base. ![]() ‘MCash’ will operate through the bank’s mobile app, where business customers can log on and select a pick-up/drop-off time from 24 hours to a week in advance. Metro Bank has begun accepting registrations for its on-demand cash collection and delivery service for SMEs across the UK. Metro Bank Launches Cash Delivery Services for SMEs The fund would be in line with Ant's policy of expanding outside of China, where its growth is slowing in the face of stiff competition from Tencent and others. Jack Ma's firm is planning the fund to pump money into companies in the payments and online finance space. Alibaba and ICBC share a common purpose with a strong partnership built on trust, and together, we will work to make a bright future for all.Įarlier this month, it was revealed that Ant Financial is preparing to raise $1 billion for a fund that will invest in FinTech startups in South East Asia and India, according to reports. We will always stay true to our mission and continue to pursue financial innovation through digital technology to advance the economy and improve people’s lives. Their commitment to building a better future has helped fuel the rapid growth of Alipay as well the broader digital economy in China. We hope to generate more chemistry to promote innovations in Chinese finance industry and further improve the quality of finance services in the coming future.ĭaniel Zhang, Chairman and CEO of Alibaba Group, added:Īlibaba Group and Ant Financial highly value our long-standing relationship with ICBC. Our cooperation expands beyond payment and e-commerce to more areas including global corporate finance, scenario-based finance and financial innovation. The Chinese companies aim to improve the quality of fintech products and services with smart technologies and product innovation, expanding on the collaboration that began in March 2005 after Alipay and ICBC partnered to provide digital payments.Ĭhen Siqing, Chairman of ICBC, highlighted:Ĭomplementing each other’s strengths, ICBC and the Alibaba digital economy have been working together to build a range of products. Giants in their own right, ICBC - the world's largest bank in terms of assets - will work with Alibaba and Ant Financial by leveraging their collective expertise in electronic payment settlement and cross border finance to promote the wider use of digital technology in financial services. Volt are also seeking feedback and comments through their app Volt Labs so that upon launch, the bank is offering "viable, well-understood, and trusted option for everyday Australians." ICBC, Alibaba and Ant Financial Strengthen FinTech Partnership Weston is challenging other banks to go up against Volt and offer competitive rates that help customers develop good financial health and providing products and services that are "free from any catches or unpleasant surprises, and which actually help consumers develop great financial habits." ![]() ![]() Why is it that new customers get a better deal than loyal customers? The same applies to home loan interest rates. What I find troubling is banks saying they are putting customers at the heart of what they do but that isn’t reflected in actual practice.Īs an example, banks should say what percentage of their savings account customers get the higher advertised interest rates rather than the often very low base rates. Personal finance comparison site Mozo have described this rate as "head and shoulders above the pack".ĬEO and co-founder Steve Weston, who used to run Barclays' mortgage operations, said: Ahead of a public launch at the start of 2020, Volt has also revealed what they refer to as a 'no catches' base interest rate of 2.15% on savings, with no introductory period or conditions. ![]()
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