EMEA Daily: Mastercard supports nClude in Egypt

Today in EMEA, Mastercard announced an investment in Egypt’s FinTech-focused venture capital platform nClude and HSBC launched a new digital receivables financing solution.

HSBC, Trade Ledger Launches Digital Receivables Finance Tool

London-based Lending-as-a-Service FinTech Trade Ledger announced on Tuesday (October 11) the launch of HSBC’s new digital finance receivables solution, built with the Trade Ledger platform.

In a press release, Trade Ledger said the technology will allow HSBC to cut the average time it takes to approve new Receivables Finance (RF) customers from over a month to under 48 hours.

Using the new online application journey, HSBC customers can now transfer data automatically through an API from the accounting software suite or manually through the user interface.

The digital RF solution automatically generates an investigation and risk report using a rules-based decision engine which is then sent to underwriters within hours of the application being received, the release states.

The Swiss government proposes a register of company ownership

In a move that signals a major change for the Swiss financial industry, the Swiss government today asked the finance ministry to draw up proposals by mid-2023 that could increase transparency by making it easier to identify company owners.

The plans will see the government create a central register to track who owns legal entities. As reported in Reuters, the government stated that the move aims to “strengthen the prevention and prosecution of economic crime and thus the integrity and reputation of [Switzerland as a] financial center and place of business.”

Alongside the record label ownership proposal, the Cabinet has floated the idea of ​​extending anti-money laundering (AML) laws to cover the legal profession. Currently, the law’s due diligence obligation only applies to financial intermediaries. However, it should be noted that the Swiss parliament rejected a similar proposal to extend the scope of AML legislation last year.

Report: Orange could sell its banking unit

French telecom Orange is reportedly considering its options for its online banking division in the wake of media reports that the company is considering selling Orange Bank.

“In a highly competitive environment in the banking market, Orange is considering all opportunities to develop Orange Bank’s activities and support its growth,” an Orange spokesperson told Reuters.

Earlier this week, France’s Les Echos – citing unnamed sources – said Orange had instructed investment bank Lazard to initiate a new sale or possible alliance. Orange would not confirm these reports, Reuters said.

Mastercard supports nClude to further financial inclusion in Egypt

Mastercard is investing in and partnering with African technology company nClude to further promote financial inclusion across Egypt, while enhancing the country’s FinTech ecosystem.

A venture capital investment platform focused on FinTechs, nClude was launched in partnership with Egyptian banks Banque Misr, National Bank of Egypt and Banque Du Caire to help support the country’s digital journey.

The move is in line with Mastercard’s goal to support the Egyptian government’s efforts and legislation to harness the power of technology for digital transformation, according to the announcement.

Luxury retailer YOOX Net-a-Porter names interim CEO

UK online luxury and fashion retailer YOOX Net-a-Porter (YNAP) has appointed Alison Loehnis as its interim CEO.

Loehnis will take the helm of the company starting Oct. 31, replacing Geoffroy Lefebvre who will step down to pursue “a private equity-backed entrepreneurial career” after 11 years at parent company Richemont, according to a statement to the press.

Loehnis has been with Net-a-Porter since 2007 and has served as president of YNAP brands Net-a-Porter, Mr. Porter and The Outnet since 2015, the release said.

In his new role, Loehnis will lead YNAP until the company sells 47.5% and 3.2% of YNAP’s share capital to fashion industry platforms Farfetch and Alabbar, respectively, which is expected to happen by the end of next year.

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New PYMNTS study: How consumers use digital banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.