Nov. 29, 2018

Quicken Inc. has launched a co-branded MasterCard with U.S. Bank, featuring contactless payment and which integrates directly with the company's personal finance software and mobile app, according to a company release.

Quicken said the MasterCard program is the first such card agreement designed to help users manage their personal finances, including spending, budgeting and financial planning. The card will also feature MasterPass digital wallet, which allows card users to quickly check out at the cash register.

Quicken noted results from a 2018 survey it conducted showing about 70 percent of monthly expenses are paid by credit card and groceries and restaurant spending make up about 50 percent of that total.

Daniel Chen,head of business development at Quicken, said it worked closely with U.S. Bank to create the first card designed to help users manage their finances.

"The Quicken World MasterCard is a new finance tool on your phone and in your wallet," he said in the release. "With the card and the Quicken mobile app users will track spending together, earn meaningful rewards on everyday purchases, and ultimately reach their financial goals faster."

Topics: Card Brands, Contactless / NFC, Mobile Apps, Mobile Banking

Companies: Quicken, US Bank, MasterCard

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Nov. 28, 2018

Oriente has raised $105 million from a group that included its founders as well as members of the Berjaya Group, JG Summit Holdings Inc. and Sinar Mas, marking what company officials said is one of the largest initial funding rounds ever in Asia, according to a company blog post and news release.

The Hong Kong-based fintech said the funding is being used to scale operations, speed up development of its technology and expand its digital solutions into new markets, particularly in Southeast Asia where there are an estimated 600 million unbanked consumers and competitive field of emerging mobile financial services.

The firm has already invested in and launched smartphone-based financial services in the Philippines under the name Cashalo and in Indonesia under the name Finmas, in a bid to provide credit to underserved consumers and micro, small and medium-size  businesses.

Oriente was founded in 2017 by Skype co-founder Geoffrey Prentice; CEO Hubert Tai, previously the founding chief technical officer and chief operating officer at LU.com; and Lawrence Chu, the founder of BlackPine Private Equity.

Topics: Financial News, Mobile Banking, Region: APAC

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