May 16, 2020

Apple Credit Card: five facts to know ahead of the US August launch

Apple Inc.
New Technology
Georgia Wilson
3 min
Tech giants Apple Inc. partner with Mastercard Inc. and Goldman Sachs Group Inc. to reimagine the credit card, the new product will hit the U.S. marketplace this August.
Technology giants Apple Inc. have partnered with Mastercard Inc. and Goldman Sachs Group Inc. to reimagine the classic credit card. The new product is s...

Technology giants Apple Inc. have partnered with Mastercard Inc. and Goldman Sachs Group Inc. to reimagine the classic credit card. The new product is said to represent all the things Apple stands for: simplicity, transparency, and privacy. The Apple Card is scheduled to hit the U.S. this August.


Following on from our top five Apple Card features back in March, FinTech takes a look at some of the newly released information the product's features:

1. Greater control over finance

Apple’s key aim for its new product is to enable customers to have a better control of their money. The company states that it is “the first credit card that actually encourages you to pay less interest.” 

2. A new addition to the Apple wallet 

Building upon the current function of the Apple Wallet, the card will sit within the digital wallet. Users will be able to see a breakdown of not just their total spend both monthly and weekly, but a breakdown in spending trends and spending locations all into categories by type of purchase.

3. Real-time finance

The user will also be able to see in their wallet real-time interest rates as well as being able to set up end of month, weekly or bi-weekly payments. This feature builds upon Apple’s aim to encourage healthier finance by actively allowing their customers to pay off more of their bill rather than the minimum payment at a time that suits their users best.

4. Cashback rewards

In addition to this there are no hidden fees but real cash rewards. Users can receive 3% cashback when purchasing an Apple product, receive 2% cashback when using Apple Pay and 1% cashback for using the Apple Card in stores that do not yet have Apple Pay. Use of the cashback is to the discretion of the user.

5. New cybersecurity solutions

Apple ranks its development of the level of their security for each product highly and the Apple Card is no exception. When a user first activates their Apple Card a unique number is generated and locked away within the Secure Element of the users iPhone which can be regenerated at any time manually. With every purchase the device number is required as well as a unique one-time security code, both of which are automatically inputted when using safari, but can be manually found if required for over the phone transactions. 

Its physical version for store purchases without Apple Pay is no different, the titanium card has no long card number, no expiry date, no signature and no CVV, all security information is stored within the Secure Element of the iPhone in order to prevent fraud. 


However, with all these features in mind, Apple still has regular fraudulent activity protection measure in place, but its real time. For every purchase via Apple Pay the use of Face ID or Touch ID is require to further prevent fraud and a notification will be sent to the users iPhone to further confirm a purchase. Other notification users may receive is unusual activity i.e. large money purchases where the user will be given the option to confirm or report the fraudulent activity and will not be liable according to the tech giant. If fraudulent activity is reported or a user loses the card, the account can be frozen and a new one can be ordered from the Apple Wallet. 

Apple believe in their customers right to privacy which is why they have created a software for the Apple Card that generates summaries from the users iPhone as well as all data being held with Goldman Sachs who will “never share or sell your data to third parties for marketing or advertising.”  

(Image: Apple) 

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May 11, 2021

Mambu and the UAE’s digital banking journey

Banque Saudi Fransi
Joanna England
3 min
Mambu and the UAE’s digital banking journey
Miljan Stamenkovic, Mambu’s General Manager for MENA, talks technology and digital transformation...

Miljan Stamenkovic enjoys the dynamic and constantly evolving world of fintech banking. In his current role as General Manager for MENA for Mambu, Stamenkovic sees opportunity in abundance. 

“When I joined Mambu with my team in 2019, we came with the fintech, entrepreneurial mindset and DNA to build and grow Mambu’s business in the MENA (Middle East and North Africa) region. Before 2019, the region used to remind me of a desert, at least in terms of cloud service providers and cloud adoption. But this past year has been a wave of progress.” In November 2020, Mambu opened a new office in Abu Dhabi Global Market, as the region has quickly become a key market for Mambu.

He explains, “There are data protection laws. There are cybersecurity regulations and most importantly, a variety of major tier one cloud service providers that are available. But what particularly excites me here at Mambu is the opportunity to rethink business models together with our clients and really bring them to life. This is where I saw a great fit with Mambu and its composable philosophy.”

Creating a neobank and challenger bank ecosystem has been his ultimate goal. “In my opinion, this actually creates a unique opportunity to partner with some of the best fintechs in the region and build the region’s first and true challenger and neobanks.”

Stamenkovic credits Mambu’s partnership with Banque Saudi Fransi (BSF) for the success that has driven the bank forward in the region. “When I think about all the challenger and neobanks that have grown massively over the past decade,there is one common denominator for all these new initiatives. I would say they really operate like a tech company rather than a bank. - BSF is leading this approach in Saudi Arabia.”

He continues, “This brings a competitive advantage for tech companies. These platforms are each managed individually but can be swapped in and out. And when put together, they actually form the backbone of a company's technology capability. This is why tech companies and banks like BSF actually can get products to the market a hundred times faster than their more incumbent peers.”

The implementation, he stresses, is an evolving process, where each component is trialled and checked and swapped in and out according to its effectiveness. But it’s down to the dynamism of the team on the project to initiate these changes. “As critical as technology is to digital transformation, the DNA of people working on these initiatives is the key to success. At BSF they have a true startup and entrepreneurial mentality.”

He explains that Mambu is helping BSF deliver an entire new banking experience while providing soft core banking services hosted, in this case in Saudi Arabia. “Mambu sits at the heart of BSF's new challenger bank and its technology stack. So, this actually enables BSF to take an entirely cloud native approach, having Mambu at the centre of its ‘Digital Engine’.”

Stamenkovic points out, “Mambu enables banking like a modern tech company. Banks used to be built to last, but today they need to be built to change. And that's what we're enabling here.” 

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