TFT’s weekly solution of product news and offers 10/03

Welcome to Fintech Fridays! Fintech Times weekly roundup serves up something for the weekend – a shopping list with the latest offers, product launches and service updates.

Designer fashion brands join Cheddar

Cashback and payment app Cheddar has entered into two new retail partnerships with fashion and lifestyle brands, Calvin Klein and Tommy Hilfiger.

Calvin Klein and Tommy Hilfiger will offer Cheddar users cashback on any online purchase, joining other fashion brands on the app, including House of Fraser and Jack Wills.

The latest collaborations will also see Cheddar users earn up to 10 per cent cashback on purchases made online. Cashback is available in the app’s balance within 30 days. App users can also redeem the cashback anytime, directly depositing it into their linked bank account instantly.

Cheddar users can also earn up to 20 percent cash back for retail purchases on the app, online and in-store at other retailers.

Bank of Scotland offers personal gambling limits

Bank of Scotland customers can set personal monthly limits on how much they spend each month on gambling using their debit card, as part of a trial.

The feature allows customers to use the Bank of Scotland mobile app to set a monthly debit card gambling limit of any amount to the nearest whole pound, when spending online, in person as well as over the phone.

Philip Robinsondaily banking director, personal current accounts at Bank of Scotland, said: “Our customers have been able to ‘turn off’ gambling for years and our latest feature means we now provide even more support for people who want to keep a close eye with gambling payments.”

The setting can be adjusted or removed at any time and will automatically roll over each month until the limit is removed.

Adyen is giving social enterprises the chance to win €30,000

Fintech platform Adyen announces the return of its annual Accelerator program.

EMEA-based businesses committed to promoting the UN’s Sustainable Development Goals can join the program to win €30,000 in prize money. In addition, two weeks of dedicated Adyen mentoring is underway.

Adyen will also cover the costs of accommodation and travel to the company’s headquarters in Amsterdam for two representatives from each of the 10 successful companies.

Wio Bank offers one percent interest on savings to SMEs

Digital banking platform Wio Bank is launching a “Grow” business plan for Wio Business customers, introducing a range of benefits to support business growth.

Grow offers benefits including guaranteed interest on savings, free processing of payroll transfers via the Payroll Protection System (WPS). It also offers a guaranteed USD exchange rate of AED 3.673 on US dollar accounts. The improved

SMEs can earn one percent interest per year on their savings with the Wio Business ‘Grow’ plan. SMEs that open a Wio Business account and create a “Save Space” before April 30, 2023 can also earn a special sign-up offer of three percent interest per annum. The offer is valid for the first 90 days.

Wio has registered over 10,000 SME customers, an average of 2,000 new accounts every month.

Revolut introduces staking rates

Revolut, the financial super app, has unveiled its fourth ‘Learn and Earn’ course.

In this second course with Polka dot, users can learn the ins and outs of staking. They will also have the ability to collect additional DOT, Polkadot’s native token, by betting directly in the app.

The new course is available to Revolut customers in the UK and EEA. They can get up to £8 in DOT tokens by taking the courses and passing the final quiz.

The reward will be added to the user’s Revolut crypto balance after completing the quiz correctly.

Emil Urmanshin, crypto CEO at Revolut, said: “We believe that the only way customers can make informed decisions about their finances is by making sure they have all the right tools to understand how crypto works.

“This is why we are very excited about our second course with Polkadot that gives customers the opportunity to learn more about staking.”

Octane launches B2B loyalty program

Fintech Octane has launched a business-to-business (B2B) loyalty program with exclusive benefits. The multi-tier program is available to over 4,000 registered powersports dealers.

Octane members get early access to new products and customizable marketing tools. Dealers also gain status by financing deals through Octane’s internal lender, Roadrunner Financial.

Retailers can access the full list of benefits on their personal dashboard. They can also track their performance and progress towards the next level. Currently, Octane Preferred has two tiers, with additional tiers and benefits rolling out over the coming months.

Vanguard Announces Short-Term Tax-Exempt Bond ETF

vanguard has unveiled the Vanguard Short-Term Tax-Exempt Bond ETF. The new municipal bond index ETF is designed for tax-sensitive investors with a short-term time horizon plus low interest rate risk tolerance.

“The Vanguard Short-Term Tax-Exempt Bond ETF is built to optimize tax efficiency for investors looking to allocate to the shorter end of the municipal bond market,” said Sarah Devereux, global head of Vanguard Fixed Income Group. “The new ETF complements our broad range of interest rates. It also gives clients another opportunity to leverage the talent and capabilities of our municipal bond team.”

The Vanguard Short-Term Tax-Exempt Bond ETF tracks the S&P 0-7 Year National AMT-Free Municipal Bond Index. The ETF has an expense ratio of 0.07 percent compared to 0.56 percent for the average short-term bond fund.

JCB enables contactless payment at Red Lines

Until the end of May, JCB cardholders in Thailand can enjoy cashback for rides with the commuter train company SRT red lines.

Japan’s international payment brand has launched a contactless payment service starting on SRT Red Lines in Bangkok.

Ryo MoritaMD of JCB International, said: “The aim is to expand the service to other trains and other modes of travel. In addition, the JCB Card provides special offers for spending in travel and shopping categories, both domestically and internationally.”

Tandem increases the filling speed

Green digital bank Tandem Bank has increased the total available rate for its immediate savings account to 3.20 per cent.

The rate marks an increase in Tandem’s Top Up rate, which was launched this year. That’s an increase to 0.35 percent, on top of its 2.85 percent underlying rate.

Ben Mitchell, Director of Savings at Tandem Bank, said: “This latest increase in the top-up rate on our Instant Access Savings Account is another example of how we continue to deliver a leading proposition for our savers, while investing in green lending projects and initiatives across the country .”

Introducing the AstroPay Wolves Debit Card

AstroPay launching new Visa debit card in collaboration with the football club Wolverhampton Wanderers.

The co-branded product builds on the company’s existing partnership with Wolves. AstroPay is the main partner of Wolves and the main partner of Wolves Women for this season.

The debit card comes with benefits including 20 percent cashback on purchases in the Wolves Official Store. When users use the card, they can collect AstroCoins which they can later redeem for prizes.

These possibilities include:

• Wolves general admission and hospitality ticket draws
• Drawings for signed items
• Training track trips
• The chance to play at Molineux.