Tag Archives: payment

Swiss digital private bank startup, Alpian, raised $ 18 million | Instant News

Alpian, Switzerland’s first mass-market digital private bank, has raised US $ 18 million in its Series B funding round

Alpian, which is incubated by Swiss banking group Reyl & Cie, plans to launch this year – subject to a full banking license from the Swiss Financial Market Supervisory Authority.

This startup is targeting a sizeable demographic in Switzerland – those with investable assets of between CHF100,000 and CHF1 million.

The company plans to persuade these mass wealthy clients by using a combination of machine intelligence and human advisors to create a unique portfolio aligned with personal “preferences, beliefs, philosophies and goals.”

In addition to the core personal banking offering, each account will come with a debit card and a multi-currency account. Alpian also invests in the creation of educational content on financial matters through its recently launched i-vest platform.

Schuyler Weiss, CEO, Alpian, said: “While the Series A fundraiser was aimed at building a digital bank, the Series B fundraising was intended to be used in principle to launch the bank on the Swiss market.

“This approach ensures that Alpian will be in a strong position to provide the best possible service to its customers by the end of this year subject to the issuance of a full banking license by Finma.”


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Commerzbank will lay off 1,700 jobs in Germany | Instant News

Commerzbank will cut 1,700 jobs in Germany under a voluntary redundancy program due to be completed by the end of the year.

The cuts mark the start of a three-year cost reduction program announced in January that will result in 10,000 job losses and the closure of 340 branches by 2024.

The bank, which employs nearly 50,000 people worldwide, said that one in every three jobs in its home market in Germany would be lost while its 790 branch network would be reduced to 450.

Following negotiations with union leaders, Commerzbank will offer workers a voluntary termination agreement starting July 2021.

“The voluntary program is an important step in reducing the number of staff required,” commented Sabine Schmittroth, a board member in charge of the group’s human resources. “We are quickly providing instruments that will reduce the cost base in the coming year.”

In the first quarter of 2021, the bank will post restructuring fees totaling around € 470 million to cover program costs.


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Ismail asked PIA to speed up the process of paying compensation to the families of the accident victims | Instant News

Sindh governor Imran Ismail has asked Pakistan International Airlines (PIA) to speed up the process of paying compensation to the families of victims of the air crash in Karachi last year.

“Delay in paying excessive compensation to the unfortunate heirs of the air crash victims is indeed a very concerning issue, as some of them may be in dire need of monetary support for the loss of their breadwinner,” said the governor. while chairing a follow-up meeting with family members of plane crash victims at the Governor’s Mansion on Saturday.

The meeting was attended, among others, by the Director General of Civil Aviation Authority (CAA), CEO (CEO) of PIA, consultants for the ministry of law, head of the Aircraft Accident Investigation Agency (AAIB), director of the National Disaster Management Authority and others.

Ismail urged the CEO of PIA to fulfill their legal and contractual obligations to compensate those affected without further delay. “Compensation payments must be guaranteed in accordance with land law and international standards,” he added.

The family was informed that the relevant authorities had been asked to provide answers regarding the concerns and objections they raised in the last meeting.

AAIB representative told the meeting that a transparent and impartial mechanism had been adopted to carry out an investigation into the matter. “Investigations will take longer to complete,” he said.

The meeting discussed in detail the issue of signing the release deed agreement (RDA) and it was decided that the CAA would write a letter to the law ministry referring to the relevant section of the Carriage by Air Act 2012, for the law. opinion or interpretation. The family expressed their satisfaction with the decision.

The governor directed the CAA to start the process as early as possible. He said Prime Minister Imran Khan was well aware of the plight of the heirs of the passengers who died in the PIA plane crash and that the federal government was trying its best to solve the problem of the heirs.


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Call to pay the minimum wage, implement the SHC ruling | Instant News

Speakers at the seminar demanded the government ensure the payment of a minimum wage to all workers, especially civil service cleaners, security guards and fuel station workers.

The Pakistan Institute of Labor Education & Research (Piler) held a seminar entitled ‘Situations for the Application of the Minimum Wage Act’ at the Karachi Press Club on Saturday. Leaders from various trade unions and civil society groups attended the program.

Human rights activist Naeem Sadiq said the Sindh Employee Social Security Agency (Sessi), the Institute for Old Age Benefits (EOBI) and the provincial labor department must implement the March 10 decision of the Sindh High Court (SHC) to pay minimum wages to cleaning staff.

Sadiq, one of the petitioners in the case, said he and a number of other residents were concerned about the low wages paid to cleaning workers, security guards and other workers, most of whom are employed by private contractors.

“Despite the fact that a minimum wage law exists in Pakistan, there is no application of that law. The minimum wage is already much lower than the living wage, and even more than 60 percent of workers in Pakistan don’t get it, “he said.

“There are no social security services or any benefits for such workers, and more than 95 percent of workers do not receive social security facilities from state institutions.”

Welcoming the SHC ruling in favor of cleaning staff, he said now state implementing agencies need to play their part in ensuring payment of at least the minimum wage for all workers.

Through senior lawyer Faisal Siddiqi, a group of citizens have filed a constitutional petition at SHC, and after two years of legal proceedings the court issued a historic ruling ordering civilian bodies to pay minimum wages to all workers, even if they are hired through contractors.

The court has also asked the relevant authorities to pay workers’ salaries through banking channels, confirm their registration with Sessi and EOBI, and issue them with letters of appointment.

“We have conducted a survey on living conditions at the Clifton Cantonment Council [CBC] cleaning workers are facing many problems due to skyrocketing prices, ”said Sadiq.

“These workers have been employed by contractors, and most of them are paid less than half of the minimum wage set by the provincial government.”

She said she and her like-minded friends began writing to the relevant civil society organizations to ask them about the janitor’s salary, but the letters went unanswered.

“We then filed an application under the right to information law asking about their janitor’s appointment letter, but the response was poor. Within a day, the CBC janitor’s salary was raised from Rs12,500 to Rs17,500. “

He said that the wages of employees in other sectors are also very low, especially those who work at gas stations and as security guards. He expressed regret that Karachi civil society did not play a role in voicing concern for the rights of these vulnerable groups of people.

He said that EOBI and Sessi are state institutions, and they must ensure the application of court rulings on minimum wages based on law.

Executive Director Piler Karamat Ali said that according to a recent World Bank report, Pakistani nationals earn less than two dollars (around Rs307) a day, which is much lower than the minimum wage. He underlined the need to implement the SHC orders.

Nasir Mansoor of the National Trade Union Federation demanded that unemployment benefits be included in social security services. He said that during the Covid-19 closure, the private sector refused to pay its workers despite the fact that a special law had been passed by the Sindh government for that purpose.

He also said that a large number of workers in the Karachi industry were fired during last year’s shutdown, but the government failed to enforce the law on its own.


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The pending Facebook messaging service nods Brazil to payment | Instant News

FILE PHOTOS: WhatsApp logo drawn on a T-shirt worn by WhatsApp-Reliance Jio representatives during a trip by the two companies to educate users, on the outskirts of Kolkata, India, October 9, 2018. REUTERS / Rupak De Chowdhuri

SAO PAULO (Reuters) – Brazil’s central bank on Tuesday paved the way for WhatsApp’s messaging service Facebook to allow its users to send funds to each other using the Visa Inc and Mastercard card networks, months after vetoing WhatsApp’s initial attempt.

When WhatsApp tried to launch a transfer service last June, the central bank said it could undermine Brazil’s existing payment system in terms of competition, efficiency and data privacy, adding that the service failed to obtain the necessary licenses.

Regulatory friction is the latest setback for Facebook’s efforts to use its social media platforms to compete with banks and fintechs in enabling fast electronic funds transfers.

The regulatory approval comes months after the central bank launched its own instant payment system in November, called Pix, which has since been widely adopted.

After initially trying to avoid becoming a financial services company in Brazil and seeking to support Visa and Mastercard’s existing central bank licenses, WhatsApp succumbed to regulatory pressure, obtaining official approval as the initiator of payments using Visa and Mastercard as processors.

The two card networks will also need to obtain new permits to operate with the Facebook messaging app, which the central bank will automatically regulate.

Even so, WhatsApp is only allowed to make peer-to-peer payments, does not involve merchants, unlike the free Pix service, which can be used to pay businesses and individuals. Facebook is still seeking approval to operate with merchants.

“(We) are making final preparations so that payments on WhatsApp are available in Brazil as quickly as possible,” a WhatsApp spokesperson said in a statement. The messaging platform, which has more than 120 million users in Brazil, did not say when it would start offering the service.

Reporting by Carolina Mandl; additional reporting by Isabel Versiani, in Brasilia, Editing by Christian Plumb and Richard Pullin


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