Welcome to The Axis, your late look at payments news from around the world. Coverage includes the unveiling of an application programming interface (API) platform with Joint Electronic Teller Services Limited (JETCO) in Hong Kong. In addition, Factris has acquired an invoice financing firm that serves the Lithuanian market called Debifo, and stablecoin company Terra is working to bring an experimental blockchain payment system to Mongolia.
Hong Kong’s JETCO unveiled its APIX platform to provide more than 200 application programming interfaces (APIs) by 13 banks, the organization said in an announcement. The offering, which the organization said is the first open API exchange platform in Hong Kong that backs cross-industry operation, provides service and product information. “JETCO APIX enables banks to connect with third-party service providers and exchange product and service information easily via API integrations, which will significantly reduce the time required for them to build up business relationships,” Chief Executive Officer Angus Choi said in the announcement.
And Debifo, which offers small and medium-sized businesses in Lithuania with invoice financing solutions, has been acquired by Factris, according to an announcement. The purchase price was not disclosed in the announcement, but Debifo Chief Executive Officer Justas Šaltinis is said to become part of Factris’ board as Chief Operational Officer. “We are looking forward to fostering Debifo’s talent as Factris expands across Europe to become the leading working capital provider to SMEs,” said Factris CEO Brian Reaves, according to the announcement.
In Mongolia, stablecoin company Terra is working with the government of the capital city of Ulaanbaatar for an experimental blockchain payment system, according to reports. With a pilot that is said to take place in the Nalaikh District of the city, the company plans to facilitate mobile payments in addition to peer-to-peer payments for customers of different banks. At the beginning, the company’s stablecoin is said to take the place of the current method for government subsidy and utility bill payments. “Facilitating P2P and recurring utility payments with Terra are important first steps toward building a blockchain-based financial infrastructure in Mongolia,” said Terra Co-founder Daniel Shin, according to reports.