Welcome to The Axis, your late look at payments news from around the world. Coverage includes Societe Generale’s selection of HPS for payment operations technology in Africa. The Abu Dhabi Commercial Bank (ADCB) has rolled out a personal finance management (PFM) app that was created with Strands technology in the UAE, Southeast Asia is reportedly taking the place of China as a center of mobile commerce and the State Bank of Pakistan (SBP) has reported an increase in remittances.
European bank Societe Generale has tapped HPS for payment operations technology in Africa, Information Age reported. The company plans to use the PowerCARD software system from HPS to help control its payment chain. In addition, the bank is seeking to tap into software from HPS to roll out products for electronic payment. The bank has operations in 19 countries in Africa. International Retail Banking Head of Payment Solutions Nicolas Revol said, according to the outlet, “Keeping up with the digital payments revolution is one of the biggest challenges facing financial institutions today, especially in Africa.”
In the UAE, the Abu Dhabi Commercial Bank (ADCB) has rolled out a personal finance management (PFM) app that was created with technology from Strands, according to an announcement. iOS users can log in with Face ID’s biometric facial technology. Through the offering, users can monitor spending, budgets and savings goals; gain an understanding of cash flow; and forecast the impact of purchases on financial health. Strands said in a press release that its “value-added solutions enable deeper and mutually beneficial long-term value between ADCB and its customers, helping them cement their commitment to relationship banking.”
And Southeast Asia is reportedly taking the place of China as a center of mobile commerce, Nikkei Asian Review reported. According to a new report cited by the outlet, Indonesia has the highest mobile eCommerce penetration rate in the world. The outlet called Singapore “ride-hailing central,” and Thailand has the top mobile banking penetration. About three quarters – or 74 percent – of internet users in Thailand use mobile technology to tap into banking services. The news comes at a time when the country’s government is seeking to move from a cash-driven to a cashless economy.
In Pakistan, the State Bank of Pakistan (SBP) said that remittances from other countries reached $12.77 billion over a period spanning July to January, The Express Tribune reported. By comparison, remittances were $11.38 billion for the same timeframe in the year prior. The move comes as the government has allowed the depreciation of the rupee. While the move was mainly made to reduce imports and grow exports, “it also helped attract higher worker remittances,” the outlet reported.