This week’s roundup will feature titles on open banking, NFTs for charity and social media ecommerce. Join us and Managing Director of Unlimint BaaS, Jovi Overo, in the exploration of some of the biggest headlines of our industry.
- American Express and TikTok have partnered for the holiday season, to help small businesses reach new customers via the social media platform. The Shop Small Accelerator will also provide small business owners will tools and resources to maximise the platform, and guidance from AmEx on how to stand out as a business. [source: Finextra]
Amex and TikTok partnering is essentially Amex’s thesis that merchants can, far easily, reach a younger demographic of shoppers on TikTok. This is a way to make those channels accessible for small businesses. The next generation aren’t like their parents, because the way they shop is extremely different and this partnership should address that. – Jovi
- A multichain NFT marketplace, myNFT, has launched its first physical NFT vending machine at the NFT London conference. Attendees were able to purchase an NFT through contactless payment methods, generating a QR code which would reveal their NFT and its value. The campaign raised a grand total of £3900 for charity. [source: The Fintech Times]
Even though the NFT market is in the doldrums, the potential real life use cases for NFTs are huge. It will take a certain level of faith and vision to see it, but it is there. MyNFT will make it easier for new entrants to get involved by overcoming the unnecessary hurdles and obstacles. – Jovi
- Saudi Arabia has launched a new open banking framework based on ‘international best practises’. There are new legislations, regulatory guidelines and technical standards to govern the framework in its drive to encourage fintech innovation and enhanced data-driven services. [source: Pinsent Masons]
The KSA has grand designs on being the “go to” destination in the Middle East for FinTech. Dubai has an early lead there, but with Saudi Arabia and its open banking program, the alignment with banks, financial services firms, and customers can begin. – Jovi
See you next week, back in the Unlimint BaaS blog for your next weekly news roundup.