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In a round led by Warburg Pincus, Insight Partners, and Bow Wave Capital Management, Philippines-based mobile payment company Mynt has secured $300 million in new funding. The investment, which also featured participation from Itai Tsiddon, Amplo Ventures, Globe Telecom, and Ayala Corporation, gives Mynt a valuation of more than $2 billion and solidifying the company’s Read more…
Digital money transfer service Azimo announced today that it has partnered with fellow Finovate alum and blockchain payment solutions company Ripple to power cross-border payments to the Philippines. Fueling these payment transfers is Ripple’s On-Demand Liquidity (ODL) solution that uses XRP to source liquidity and complete money transfers within three seconds. This time reduction results Read more…
i-exceed, makers of the Appzillion mobile app development platform, have teamed up with Kris FinSoftware to speed mobile internet adoption in the Philippines. i-exceed made the announcement during the Philippine Bank Symposium in Manila earlier this month. “With mobile internet dominating a huge portion of internet traffic, the role of mobility in reshaping the digital Read more…
This week’s edition of Finovate Global highlights recent fintech news from the Philippines. Philippine mobile payments company Mynt, the firm behind super app GCash, has secured an investment of $393 million courtesy of an investment from Mitsubishi UFJ (MUFG). The funding comes at virtually the same time as the company reported another $393 million investment, Read more…
Philippines-based digital bank Tonik has entered the insurance business. The neobank announced a new strategic partnership this week with life insurance company Sun Life Grepa Financial, Inc. (Sun Life Grepa). The partnership will enable Tonik to offer its customers Payhinga, a credit life and disability insurance product. Payhinga gives policyholders access to life and disability Read more…
Tonik is adding two new loan products to its suite of banking tools. The new offerings include Flex Loan, an unsecured personal loan, and Big Loan, a home equity line of credit. Tonik received the first digital bank license issued by the Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP). Tonik is one of the Read more…
A pair of Finovate alums have joined forces to help a leading financial platform in Asia launch a lending solution as part of its planned expansion in the region. German cloud banking platform provider Mambu and alternative credit score provider CredoLab have announced a partnership with GoBear, a financial services platform based in Singapore. The Read more…
Identity verification innovator Jumio is working with Philippines-based remittance provider I-Remit to help the company enhance both digital onboarding and KYC. I-Remit is the largest Filipino-owned non-bank remittances provider and will leverage technology from Jumio to provide identity verification for its IREMITX money transfer platform. “It’s imperative that the remittance industry, and the financial services Read more…
CredoLab, which made its Finovate debut at FinovateAsia last fall, has teamed up with all-digital CIMB Bank Philippines to help improve financial inclusion in the country. The bank is using CredoLab’s white label solution, CredoApp, to gain instant insight into the creditworthiness of loan applicants. CIMB Bank hopes to leverage the AI-powered technology to better Read more…
Banking technology vendor Temenos is partnering with UBX to deliver digital banking to millions of unbanked and underserved customers in the Philippines, reports Jane Connolly of Fintech Futures, Finovate’s sister publication. The fintech subsidiary of UnionBank of the Philippines, UBX has developed a range of plug-and-play services to help rural banks reach customers in remote Read more…
You never know where Finovate Global will take you on any given week. In our last edition, we spent time in Spain with wealthtech GPTadvisor. Before that, we were talking about Ireland’s Central Bank and its search for top fintech talent, new investment in mobile payments in the Philippines, and the pace of digital transformation Read more…
International payouts orchestration company, PayQuicker, has forged a partnership with cross-border payment infrastructure firm Thunes to expand its e-Wallet payout capabilities around the world. The integration is designed to better serve the growing demand for diverse and flexible payout methods. This demand is especially acute in emerging markets, where access to traditional banking is limited Read more…