Finovate Global: Fintech News from the Periphery

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from the Periphery is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Africa

  • TechCrunch profiles Africa-focused microlender, Branch, which recently picked up an investment of $70 million.
  • IT News Africa takes a look at the demand for “senior leaders” in Africa’s growing fintech industry.
  • International money transfer firm PaySend partners with Access Bank Nigeria

CEE

  • Polish Financial Supervision Authority signs MoU with Hong Kong Monetary Authority to encourage fintech collaboration.
  • U.K.-based cross border payments company Ebury opens first office in Bucharest, Hungary. (In Hungarian.)
  • Crowdfundinsider notes the surge in number of registered fintechs in Lithuania courtesy of report from Invest Lithunia.

Asia

  • ayondo celebrates being the first fintech to list in Singapore.
  • Sri Lanka’s largest bank, Bank of Ceylon, to deploy anti-money laundering solution from CustomerXP.
  • Central Bank of Malaysia establishes open API implementation group to develop standards for financial sector.

MENA

  • World Finance Magazine awards Temenos Best Islamic Banking & Finance Software Solution at 2018 Islamic Finance Awards.
  • RAKBANK, also known as The National Bank of Ras Al Khaimah, launches contactless cash withdrawal facility for its more than 170 NFC-enabled ATMs.
  • Dubai International Financial Centre (DIFC) signs MoU with Middle East Venture Partners to support development of the area’s capital technology ecosystem.

LATAM

  • Nubank Challenges Brazil’s Big Banks in Wake of $150 Million Funding Round.
  • Mexico enacts legislation to regulate its fintech sector.
  • Colombian roboadvisor Ualet wins honors as Latin America’s Most Innovative Startup at industry event sponsored by Finnovista.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • TESOBE’s Open Bank Project Powers API for Forty Seven Bank.
  • TD Bank to Deploy nCino’s Bank Operating System.
  • Malauzai to Power Mobile Banking Tech for Axiom.
  • Endor Raises $45 Million in ICO.

Around the web

  • ayondo celebrates being the first fintech to list in Singapore.
  • TD Bank leverages nCino’s Bank Operating System across corporate and commercial lending divisions.
  • CustomerXPs‘ Clari5 to power real-time AML solution for Bank of Ceylon.
  • PayActiv appoints COO.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from Asia, Africa, MENA, Latin America, and CEE

With our first conference in Dubai last month, FinovateAsia back on the Finovate calendar and our first trip to Africa scheduled for later this year, Finovate VP Greg Palmer’s observation that “the sun never sets on the Finovate Empire”, rings all the more true.

Here’s a look at some of the latest fintech news from places where technological innovation helping create better life opportunities for those who need it help most.

Asia

  • Ayondo to list on Singapore Exchange.
  • Kreditech partners with PayU to launch PayU Monedo in India, which offers cardless EMI for online purchases.
  • Joint Stock Commercial Bank for Foreign Trade for Vietnam (Vietcombank) picks trade finance platform from Finastra.

Africa

  • Angola’s domestic payments processor EMIS migrates to EMV chip and pin courtesy of solution from Gemalto.
  • Standard Chartered Bank launches digital bank in Cote d-Ivoire
  • Partnership between Mastercard and Uganda’s M-Kopa brings QR payment technology to pay-as-you-go, pilot solar energy program.

MENA

  • Turkish digital wallet firm, BKM introduces payment-without-checkout shopping experience.
  • Riyad Bank in Saudi Arabia unveils contactless bracelets and stickers for tap-and-go shopping.
  • Entrepreneur India looks at how a Bahrain-based payments firm, Arab Fianncial Services, is taking its business to India.

LATAM

  • Banking Technology: Banpro launches Finn.ai’s first Spanish-speaking virtual banking assistant.
  • Startupbootcamp Scale FinTech Mexico City introduces its inaugural cohort of startups: Billin from Spain, Facturedo from Chile, and Expediente Azul, Pagamobile, and Quotanda from Mexico
  • Tech Bullion highlights the new report on international fintech’s expansion to the Latin American market from Finnovista.

CEE

  • Money.pl looks at the number of Polish companies that demoed at FinovateEurope 2018 this month.
  • The Bank of Lithuania reaches out to developers interested in its regulatory sandbox platform for blockchain projects, LBChain.
  • Romanian bank Raiffeisen Bank International (RBI) launches accelerator program, Elevator Lab with five startups, Gauss Algorithmics, SONECT, 360kompany, Asteria, and Moxtra.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Gusto Goes Freemium.
  • Onfido to Power ID Verification for SnappCar.

Around the web

  • Tradeshift partners with Canon Business Process Services to enable clients to digitize their supply chain.
  • Ayondo to list on Singapore Exchange.
  • TD Finance announces partnership with auto shopping and financing innovator, AutoGravity.
  • Jumio brings KYC, AML, onboarding support to crypto platform, Monaco.
  • Money.pl looks at the number of Polish companies that demoed at FinovateEurope 2018 this month.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Ayondo Pursues IPO After Reverse Takeover Deal Lapses

Here’s a quick update on our report a few weeks back that social trading company ayondo would not be undergoing a reverse takeover (RTO) IPO due to a lapsed bid from Singapore-based property developer, Starland Holdings. Today, ayondo has announced that, despite the bid falling through, it is determined to become the first fintech company to IPO on the Singapore Stock Exchange.

The Frankfurt-based company’s CEO Robert Lempka said, “The end of the RTO opens up the way for ayondo to pursue an Initial Public Offering (IPO) instead. The preparation work for an RTO and IPO is almost identical in Singapore and therefore provision is made for a listing in early 2018.”

Other parties involved in the listing include sponsor, UOB Kay Hian Private Limited, as well as the Singapore Exchange Limited (SGX). Both continue to support ayondo in its listing efforts.

Founded in 2008, ayondo offers a brokerage platform that lets users copy the moves of top traders to optimize returns. At FinovateEurope 2013, the company unveiled the newest version of its service, its London brokerage, and a trader career training curriculum. Last month, ayondo received its portfolio management license from German regulator (BaFin).

Finovate Alumni News

On Finovate.com

  • Ayondo Pursues IPO After Reverse Takeover Deal Lapses.
  • Personal Capital Launches Education Planner to Prepare You for College Costs.
  • Finastra Partners with VASCO to Offer Customers eSignLive Capability.
  • Trustly Teams Up with Emric to Broaden Payment Options for Businesses.

Around the web

  • Cuffelinks features Jon Medved, CEO and Founder of OurCrowd.
  • Openbank, the digital bank of Santander Group, selects Temenos Core Banking.
  • Interxion working with global institutional agency-model broker INSTINET to host the firm’s BlockMatch.
  • Arroweye Solutions selected by Obsidian to produce custom local open-loop prepaid cards.
  • SecureKey Technologies adds National Bank of Canada to its digital identity network.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Ayondo Remains a Private Company after Reverse Takeover Bid Lapses

Social trading company ayondo may no longer be the first fintech company to go public on the Singapore stock exchange (SGX).

That’s because the reverse takeover (RTO) bid offer from Singapore-based property developer, Starland Holdings, lapsed on Monday. The RTO bid, initiated in June of 2016, was for $117 million (S$158 million) and would have placed ayondo on the SGX, making it the third technology company and the first fintech company to IPO on the SGX.

Frankfurt-based ayondo stated last year that it had originally opted for a reverse takeover because of “volatility in financial markets.” The RTO would have given Starland a majority stake in ayondo. According to a company update, ayondo still plans to complete the RTO later this year.

ayondo appears to be holding its own as a privately-held entity. The company reported that its U.K. arm, ayondo Markets Limited, grew revenues 95% from $9.8 million to $19 over the course of 2015 to 2016. THe company’s assets under management also grew, rising from $19 million to $35.8 million over the same timeframe.

ayondo was founded in 2008 with a mission to revolutionize retail trading. The company’s brokerage platform lets users copy the moves of top traders to optimize returns. At FinovateEurope 2013, ayondo unveiled the newest version of its service, its London brokerage, and a trader career training curriculum. Last month, the company brought on Rick Fulton as CFO.

Ayondo Opens Offices in Barcelona and Madrid

Ayondo is taking its social trading revolution to Spain.

“We are extremely excited to join the Spanish retail trading market,” ayondo co-founder and CEO Robert Lempka said. “We will introduce the new concept of Social Trading to Spanish investors.” The brokerage and social trading innovator is planning two new offices in Spain, one in Barcelona and another in Madrid. The expansion will make the country ayondo’s third major redistribution market, along with the U.K. and its native Germany.

Founder and former Activotrade CEO Raza Perez will lead ayondo’s new efforts in Spain as Head of Product. In a statement, Perez praised the “global appeal” of social trading, and pointed out how the combination of “transparency and reciprocity” in social trading provides opportunities for both new and veteran, successful traders. “It is a new form of investment which combines the principles of classical exchange trading with social media characteristics,” Perez said.

The news of ayondo’s expansion comes on the heels of the company’s announcement enabling Bitcoin trading on the platform. Within ayondo’s social trading environment, investors interested trading the digital currency for the first time  – as with any other asset available on the platform – can follow along, tracking and emulating the moves of savvier, more experienced traders. Beginners can start on the ayondo platform for as little as £1,000, and the company offers a risk-free demo account, as well. Top traders earn income by allowing other traders on platform to “tail” their trades.

With more than 2 million users in more than 190 countries using its technology, ayondo demonstrated its platform at FinovateEurope 2013. Founded in 2008 and headquartered in Germany, ayondo acquired fellow Finovate alum, TradeHero, last fall. The deal provided ayondo with exposure to Asian markets and access to a popular mobile-based, social trading technology that was the top finance app in the Apple app store in more than 90 countries. The acquisition was also seen as a step toward the ayondo’s anticipated listing on the Singapore stock exchange.

Finovate Alumni News

On Finovate.com

  • Ayondo Opens Offices in Barcelona and Madrid

Around the web

  • Financial Times profiles Avi Turgeman, founder of BioCatch.
  • Metro Bank to deploy workforce management technology from NICE.
  • Let’s Talk Payments interviews OneVisage founder, Christophe Remillet.
  • Darwinex reveals winners of its DarwinIA Trading Challenge.
  • Synergix features CashSentinel (in French).
  • Siam Commercial Bank deploys Ripple technology for cross-border payments between Japan and Thailand.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Finovate Alumni News

On Finovate.com

  • Europe’s Got a Brand New Bank as Klarna Earns License.
  • Envestnet | Yodlee Unveils New Financial Wellness Solution.

Around the web

  • Avoka wins ATB Financial Customer Onboarding Global Innovation Challenge.
  • ACI Worldwide offers UP Immediate Payments solutions via hosted cloud.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.