In a significant development within the financial services sector, Pomelo has unveiled a pioneering rewards system designed specifically for international money transfers. This new initiative, called Pomelo Points, marks an industry-first by offering customers the opportunity to earn rewards when sending funds abroad. The company's founder and CEO, Eric Velasquez Frenkiel, emphasized that this program aims to enhance the experience of users while promoting their financial growth. By integrating zero-fee transfers with reward points, Pomelo is setting a new standard in the remittance industry.
At the heart of this innovative approach lies the ability for customers to accumulate points whenever they transfer money to the Philippines. These points can subsequently be exchanged for digital gift vouchers redeemable for various services such as ride-sharing and food delivery, thanks to Pomelo’s collaboration with Grab, a prominent super-app in Southeast Asia. Users will receive one point for each dollar transferred using a debit card and double that amount when utilizing their Pomelo Mastercard®.
The introduction of Pomelo Points builds on the company’s ongoing efforts to revolutionize the remittance landscape. Previously, Pomelo had already introduced several groundbreaking features, including a unique "send now, pay later" option for international transfers, a credit-building mechanism, and an exceptionally secure bank transfer service. Each of these innovations underscores Pomelo’s commitment to improving customer experiences and fostering financial well-being.
This latest addition to Pomelo’s suite of services is currently available to all customers transferring funds to the Philippines, with plans to extend the program further in the coming year. The launch of Pomelo Points not only adds value to the user experience but also positions Pomelo as a leader in combining consumer credit with international money transfers, paving the way for future advancements in the field.
In a surprising move, Baton Rouge Mayor-President Sid Edwards has proposed reallocating funds from the city's public library system to cut taxes and increase police salaries. The mayor justifies this decision by citing a budget surplus within the library system, accumulated over years of what he describes as "overtaxation" of citizens. According to the 2025 city-parish budget, the library ended 2023 with a fund balance exceeding $116 million. This plan would require public approval through a vote. Edwards also emphasized his commitment to maintaining well-funded libraries in Louisiana while highlighting the need for fiscal responsibility.
Mayor-President Edwards has outlined a proposal that aims to reduce the city-parish millage rate from 11.1 mills to 9.8 mills, marking what he claims is the most significant tax reduction in two decades. Concurrently, the average salary for Baton Rouge police officers would see an increase from approximately $40,900 to $58,000. Additional funding would be allocated towards economic development and critical infrastructure improvements. Each councilmember would also receive resources for special projects within their districts. Edwards expressed his intention to work closely with the EBR Metro Council to optimize spending priorities.
Mary Stein, the assistant director at the East Baton Rouge Parish Library, strongly disagrees with the mayor's plan. She clarifies that the accumulated funds are not merely a surplus but are intended to cover future expenses, including renovations in Baker and Zachary. Stein warns that reducing these funds could jeopardize essential services and maintenance projects. The library system plans to present its own proposal at the upcoming Metro Council meeting, which includes a more modest reduction in property tax from 11.1 to 10.5 mills. Stein highlighted potential consequences such as delayed renovations and reduced services if the mayor's proposal goes through.
The mayor's office anticipates the Metro Council will consider the proposal in March, with hopes for a public vote in October. This initiative reflects a broader debate about balancing tax relief, public safety, and the sustainability of essential community services. As discussions continue, both sides aim to find a solution that best serves the residents of Baton Rouge.
In a significant development in the financial technology sector, two innovative companies are joining forces to enhance small business financial management. Moneyhub, a leader in open banking technology, has partnered with Money Squirrel, a startup focused on automating VAT savings and optimizing cash flow for small businesses. This collaboration aims to leverage open banking capabilities to provide more efficient and accessible financial tools for entrepreneurs. As regulatory frameworks like PSD2 continue to influence the European market, this partnership represents a pivotal moment in the evolution of open finance solutions.
Empowering Small Businesses with Cutting-Edge Financial Tools
Based in the UK, Money Squirrel recently launched its new app designed to streamline financial management for small businesses. The platform utilizes Moneyhub's advanced API technology to automate VAT savings and optimize cash flow, addressing common challenges faced by entrepreneurs. By connecting their savings accounts, users can allocate incoming funds into high-interest accounts, maximizing returns on idle cash. Founder and CEO Andreea Daly shared her vision, emphasizing the importance of reducing administrative burdens that often hinder business growth. Having experienced these frustrations firsthand, Daly is committed to creating a solution that unlocks potential for small businesses.
Money Squirrel's participation in the SHIFT open finance community's Ignite incubator program further underscores its commitment to innovation. This initiative provides valuable resources such as financial support, expert guidance, and networking opportunities. Meanwhile, Moneyhub, founded in 2014, has been at the forefront of personal finance technology, offering a range of tools including open data APIs, decision-making solutions, and payment capabilities. The company's Managing Director of API, Kim Jenkins, highlighted the significance of this partnership in making open banking technology accessible to both SMEs and larger institutions. By simplifying financial management, Moneyhub and Money Squirrel aim to drive financial inclusivity and innovation across various sectors.
As regulations evolve, businesses are increasingly adopting open finance solutions to gain better control over their operations. Fintechs like Money Squirrel play a crucial role in reducing administrative tasks, improving liquidity management, and enabling more data-driven financial decisions. This partnership exemplifies the growing trend of leveraging technology to empower small businesses and promote sustainable growth.
From a journalist's perspective, this collaboration between Moneyhub and Money Squirrel marks a significant milestone in the open banking landscape. It demonstrates how innovative partnerships can address real-world challenges faced by small businesses, ultimately fostering a more inclusive and dynamic financial ecosystem. The success of such initiatives will likely inspire further advancements in fintech, benefiting entrepreneurs and the broader economy alike.