Today in FinTech: Yapily Partners With Yonder; IMF Wants More Regulation

In today’s FinTech news, Yapily and Yonder work together to roll out the credit welcome mat to people without a traditional credit score in the U.K., while the International Monetary Fund (IMF) sees regulations as the answer to FinTech risks. Plus, when it comes to digital banking, Brazil is setting the example for Latin America.

Yapily Partners With Yonder to Offer Credit to Underserved

Open banking platform Yapily and credit card startup Yonder are collaborating to bring people access to credit without needing a U.K. credit score. The two companies will use an analysis of bank transaction patterns for a more holistic credit profile to base credit eligibility.

IMF Recommends More Regulation to Reduce FinTech, Crypto Risks

FinTechs benefit consumers but not without taking on more risks, bringing challenges to regulators and pressuring “long-established industry rivals,” according to the International Monetary Fund (IMF). The IMF recommends more regulation to reduce risks.

How Pix Ignited Digital Payments in Brazil

The transaction value of digital commerce in Latin America is forecasted to escalate by 73% by 2025, with Brazil leading the way in digital banking followed by Mexico. The latest edition of the “Digitizing Payments in Latin America Playbook” by PYMNTS takes a deep dive into how Brazil is setting an example that all of Latin America can follow.

Wise on Powering Instant Transfers in a Non-Instant World

Moving money fast across international borders is still an issue that’s also coupled with the need for transparency, security and convenience. Wise has been nailing down solutions to the myriad issues for over 10 years, Sharon Kean, global expansion senior product director told PYMNTS. To power instant payments across borders, Wise holds its own accounts in each country where it operates and now covers more than 50 different currencies.

Primer and hoolah Team up on BNPL Offering for Singapore, Malaysia and Hong Kong Merchants

Payments platform Primer and buy now, pay later (BNPL) platform hoolah are partnering to advance BNPL to retailers in more regions. Primer uses an application programming interface (API) and no-code automation to power its payments and commerce platform.

Old Banks Tap New FinTechs to Gain Technology Competitive Edge

Older, smaller banks could top big legacy financial institutions (FIs) in meeting customers’ digital product needs by teaming up with FinTechs instead of developing the capabilities on their own, Steve Tackett, executive vice president and head of the B2B division for Priority, told PYMNTS.

FinTech Brex Expands Its Capabilities With Acquisition of Financial Planning Platform Pry

Brex signed a $90 million deal to snap up Pry Financials with the intention of moving the company to its Brex Empower platform. Brex also has plans to scale Pry to enable finance teams to have the same product experience managing and planning expenses while also deploying budget and spending workflows.