July 7, 2025
Tech News
Boost has significantly expanded its capabilities, allowing users to make cross-border QR payments in China via Weixin Pay (commonly known as WeChat Pay). This integration, made possible through UnionPay’s global network, means users can now transact seamlessly in multiple countries including Singapore and Australia, ensuring no additional app is needed for international transactions.
In a noteworthy development in the fintech landscape, Darragh Buckley, founder of Increase, has succeeded in buying a substantial stake in Twin City Bank. This move, which requires FDIC approval, triggers new possibilities for Buckley as he seeks to elevate Increase’s services in the banking-as-a-service arena while ensuring the community bank remains focused on its local clientele.
In a unique offering aimed at kids, Pinwheel has launched a smartwatch that incorporates an AI chatbot named PinwheelGPT. Designed for children aged 7 to 14, this innovative device offers a safe environment, complete with GPS tracking and parental management tools, effectively allowing parents to monitor interactions while keeping kids engaged and protected.
Boost Life CEO Ungku Liza emphasized the game’s expansion in the digital financial ecosystem by integrating with UnionPay and Weixin Pay. He stated that this partnership aims to provide users with intuitive, reliable digital financial access and empowers them to engage in cashless transactions worldwide confidently.
Meanwhile, as the competition in the banking-as-a-service sector heats up, Buckley is intent on ensuring Twin City Bank remains focused on community relationships, avoiding pitfalls that larger fintech competitors have faced. His investment aligns with a broader industry trend where fintech companies explore direct ownership of community banks to enhance service delivery.
Tech Explained
QR Code – A QR code is a two-dimensional barcode that can be scanned using smartphones or other devices, enabling users to quickly access information or make payments by directing their devices to a particular URL or payment gateway.
Fintech – Short for financial technology, fintech encompasses a broad range of technologies designed to improve and automate the delivery of financial services, including digital payments, online banking, and financial analytics.
Banking-as-a-Service (BaaS) – BaaS refers to a financial services model where third-party providers offer banking services through APIs to banks and non-banking businesses, allowing them to integrate with existing banking infrastructure without needing their own banking license.
Artificial Intelligence (AI) – AI is the simulation of human intelligence in machines that are programmed to think and learn. In the context of the Pinwheel smartwatch, AI is used to provide a chatbot capable of interacting with children in a safe and informative manner.
Parental Control – Parental control refers to a set of features or tools that allow parents to restrict or monitor their children’s access to certain content or functionalities on devices, ensuring a secure and suitable digital environment for younger users.
