In today’s top news in digital-first banking, digital bank Penta will now accept overnight and term deposits from Germany’s WeltSparen, while BPCL has teamed with Fino Payments Bank to offer digitized card refills. Plus, a Bank of Japan official said the bank’s move to roll out a cryptocurrency would hinge on public support.
Penta Collab Improves Interest Rates for SMBs
Penta will now take overnight and term deposits from WeltSparen of Germany, which can help customers’ interest rates. The new offerings are being debuted in conjunction with FinTech Raisin. Penta landed $20.4 million in a funding round in March. The company began letting people with at least one employee sign up for its services in December 2019.
BPCL Partners With Fino Payments Bank on Fleet Payment Cards
BPCL has joined forces with Fino Payments Bank to offer digitized card refills for fleet drivers in India. Truck drivers previously had trouble refilling their BCPL Smartfleet cards in and near Erode. As it stands, more than 700 BPCL outlets are in existence in Tamil Nadu. Fino has a network of more than 5,000 small businesses.
Bank of Japan: Potential CBDC Rollout Hinges on Public Support
A Bank of Japan official said the bank’s move to launch a digital currency would depend on public support. “At the end of the day, there’s no way we can proceed without gaining sufficient understanding from the Japanese public,” said Kazushige Kamiyama, who heads up the BOJ’s payment system department. The pandemic has continued to accelerate the harnessing of non-cash payments in the nation and other locations.
American Express Posts Mixed Q3 Earnings
American Express reported Q3 earnings of $1.30 a share, coming up short of Wall Street forecasts of $1.34. However, revenue of $8.75 billion exceeded forecasts of $8.66 billion. The company also reported that consolidated provisions for credit losses (PCL) fell 24 percent to $665 million.
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