Six months after raising $250 million, Papaya Global, an Israeli cloud-based HR and platform, has acquired Azimo, a London-based digital cross-border payment business that Facebook once tried to buy to spearhead its own remittance initiatives.

iPay announces partnership with Cash Express to deliver quick settlement for the remittance market of Australia, and other countries in the Middle East (UAE, Pakistan, Lebanon, Egypt, Oman, and Kuwait) currently working together to provide a simple and seamless cross border payment experience for individuals as well as multinational corporations. 

Inflation appears to be increasing at an unprecedented rate, and there hasn't been a change in money transfer costs from top businesses like Western Union or PayPal. This is creating a potential for significant savings, as these companies generally hover around 3%. The worldwide money transfer sector is now worth over $600 billion and is expanding.

Whether it's KYC or AML, FinTechs have a hard time complying with rules. A recent poll found that KYC and AML compliance is one of the main obstacles to FinTech growth globally.

Russians are no longer permitted to transfer money abroad. For the first time since 1971, the Russian government has imposed a ban on moving money out of Russia.

The 42-year-old fintech, MoneyGram will no longer continue as a separate entity in a surprising turn of events. The company has agreed to an all-cash deal of $1.8 billion and now will operate under the Madison Dearborn Partners banner following the acquisition.