EPI’s Wero Wallet Launch & MUFG’s Investment
The European Payments Initiative (EPI) has launched the Wero wallet in Germany, enabling instant account-to-account payments via banking apps for Sparkassen, Volksbanken, and Raiffeisenbanken customers. Deutsche Bank will introduce Wero later this year, starting with Postbank. 🌍 By the end of July, KBC customers in Belgium will gain access, with France following in the Autumn. EPI, backed initially by 31 major Eurozone banks, aims to rival Mastercard and Visa by offering a comprehensive digital wallet, P2P payments, and more. 🏦 Despite setbacks with member departures, EPI acquired the Dutch payment scheme iDeal and Luxembourg’s Payconiq to support Wero. Future expansions include paying small professionals, online merchants, and in-store payments. CEO Martina Weimert emphasises Wero’s goal to simplify and secure all payment types through a single wallet. 💼
Meanwhile, MUFG and the Finnoventure Private Equity Trust I fund have invested $195 million in Thai fintech unicorn Ascend Money. 💰 Ascend Money, part of the Charoen Pokphand Group, operates the TrueMoney super app, offering services like e-payment, lending, BNPL, investment, and insurance. 🌐 With a strong Southeast Asian presence and 30 million active users in Thailand, Ascend Money is positioned for significant growth. MUFG’s Yasushi Itagaki highlights the strategic investment in digital finance in Asia Pacific. Ascend Money founder Suphachai Chearavanont sees this funding round as pivotal for creating an inclusive financial ecosystem and accelerating digital transformation. 🚀 #Fintech #DigitalPayments #EPI #AscendMoney #Investment #FinancialServices 📈