Today in B2B payments, American Express is considering small business lending in Australia, while Apple extends payment terms for suppliers of its retail locations. Plus, WEX Bank strikes fleet card deal, HSBC launches virtual debit cards in the UAE and China widens digital currency testing.
Report: American Express Pursuing Australia SMB Loans
American Express may use its powerful global brand “to attempt to muscle in on small businesses lending in Australia,” according to an analysis published in the country’s Financial Review. The analysis concludes that a move into the sector by American Express could lure business from big banks in Australia as well as from smaller lenders such as Judo Bank and Prospa.
Apple Retail Suppliers Complain About New Payments Structure
Third-party producers of products such as iPhone and iPad cases say the new payment terms Apple is imposing will hurt their cash flow and force them to take back unsold merchandise, Britain’s The Telegraph reports. Apple is extending the time it has to pay vendors to 60 days from the previous 45 days. Sources told the newspaper that Apple is also switching to a consignment model under which suppliers of unsold merchandise are required to take it back.
WEX Bank Strikes Deal With NASPO ValuePoint For Fleet Card Program
WEX Bank has inked a multi-year deal with NASPO ValuePoint, the purchasing division of the National Association of State Procurement Officials (NASPO), for its fleet card offering. NASPO is a nonprofit group focused on “advancing public procurement,” while WEX Bank is a wholly-owned subsidiary of WEX, according to a Monday (Feb. 8) announcement. “WEX has extensive experience serving the federal, state and local public fleet marketplace, and we are looking forward to bringing that expertise to NASPO members,” Bernie Kavanagh, senior vice president and general manager of large fleet at WEX, said in the announcement.
HSBC Brings Virtual Debit Cards To UAE Companies
In a development that is reportedly considered to be a banking first in the Middle East, HSBC has rolled out virtual debit cards for United Arab Emirates (UAE) companies, according to a press release posted on Zawya. The rollout strengthens the bank’s resolve to trailblazing digital improvements to satisfy the increasing demand for payment offerings that are more flexible, according to the release.
China To Conduct Third Test Drive Of Digital Yuan Currency
China’s central bank is planning another test drive of its digital currency during the Lunar New Year by handing out $1.5 million in digital packets to 50,000 Beijing residents. The packets will contain 200 yuan, worth roughly $30, and be given to recipients chosen out of a pool of candidates. Recipients will be able to use the digital cash from Feb. 10 to Feb. 17 at designated offline businesses or on eCommerce site JD.com, according to CNBC.
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