Author: David Penn

From AI to Wealth Management: FinovateMiddleEast Arrives in Dubai

From AI to Wealth Management: FinovateMiddleEast Arrives in Dubai
By David Penn Posted on
Categories: FinovateMiddleEast 2018


Image designed by Freepik

In just two days, Finovate will make its Middle East debut. The conference begins on Monday, 26 February and continues through Tuesday, 27 February, and will feature both our signature 7-minute, live demo format as well as an exciting array of fintech visionaries and thought leaders to provide insight and context into the technological innovations we’ll see over the two days of FinovateMiddleEast.

So what are we talking about when we talk about fintech in MENA? Our FinovateMiddleEast Themes Word Cloud below offers more than a few helpful hints.

Let’s take a closer look at the top three …

AI – Leveraging artificial intelligence to solve technical challenges in finance is as important for fintechs in MENA as it is all over the world. Often combined with machine learning and data analytics, AI is enabling businesses to better understand their customers, make many operational procedures faster and less error prone, and even pave the way for a world of connected devices courtesy of the Internet of Things.

Mobile Wallets – While mobile wallet adoption has been mixed in many places, in MENA mobile wallets continue to play a major role in driving mobile payments and providing opportunities for consumers – especially the un- and underbanked – to participate more easily in e-commerce as well as giving businesses such as grocery stores, gas stations, and public transit a path toward faster payment processing and a better experience for consumers.

Wealth Management – The growing population of high net worth and ultra high net worth individuals in MENA is helping generate interest in wealth management solutions. These options range from 100% robo advisory services to wealth management firms that blend technology with human experts to provide a holistic financial advisory service.

Get to know the companies whose technologies reflect these and many more innovative trends in fintech via our FinovateMiddleEast Sneak Peek series. And for more information on our keynotes speeches and panel discussions, be sure to check out our Day One and Day Two agendas.

We are excited about Finovate’s debut in Dubai and hope you will join us in person at the Madinat Jumeirah Conference and Events Centre here in Dubai, UAE, or follow us online through our Live Twitter feed @Finovate.  Registration on both Monday and Tuesday will begin at 8am with refreshments and a continental breakfast available to attendees. Opening remarks on Monday will begin at 8:30; on Tuesday the first presentation begins at 9am.

The United Arab Emirates Ministry of Finance is the Exclusive Strategic Partner of FinovateMiddleEast

FinovateMiddleEast sponsors also include UAE Exchange, Profile Software, simility, Temenos, Block Gemini, Loxon Solutions, Ortec Finance, Plug and Play Abu Dhabi Global Market

Dubai International Financial Centre is a supporting partner of FinovateMiddleEast

FinovateMiddleEast partners also include AstroLabs, Byte Academy, European Fintech Alliance, Femtech Leaders, FINOLAB, Fintech Connector, Fintech Galaxy, Fintech Professionals Association, Holland Fintech, Plug and Play Abu Dhabi Global Market, SME Finance Forum, Startupbootcamp, Startupbootcamp Fintech, Swiss Finance + Technology Association, Women Who Code

FinovateMiddleEast media partners include Aite Group, Arabnet, BankersHub, Banking Technology, BeFast.TV, Big Data Made Simple, Blockchain in Europe, BlockExplorer, Breaking Banks, Middle East Business Review, Crowdfund Insider, Financial IT, Fintech Finance, Fintechtime, Forrester, Gigabit, Headcount, IBS Intelligence, Innovate Finance, Islamic Finance News, Mercator Advisory Group, Ovum, Oxford Business Group, Plus Journal, Rainmaking Colab, RFI Group, The Fintech Times, The Nilson Report, The Paypers, Unlock Blockchain

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Equifax Adds Entersekt’s Transakt Technology to Better Secure Online and Mobile Services

Equifax Adds Entersekt’s Transakt Technology to Better Secure Online and Mobile Services
By David Penn Posted on
Categories: Entersekt

Less than a week after announcing its partnership with mobile authentication and e-commerce enablement firm, ForgeRock, Entersekt is back in the fintech headlines with news that Equifax will deploy the South African firm’s Transakt solution as an additional layer to protect Equifax’s online and mobile services.

“We are excited to team up with Equifax in enhancing protection of its customers’ identities and personal data,” Entersekt’s North America SVP Sherif Samy said. “This alliance plays into our long-standing strategy of partnering with leading global companies to assist them in launching products and services that represent the best in digital innovation, usability, and security.”

Transakt supports an intuitive, one-touch authentication experience for users. The solution sends the user a real time authentication request via their mobile device whenever a digital identity or account is required. The user simply approves or blocks access by tapping “Accept” or “Reject” to enable or prevent access. Transakt uniquely identifies each registered device, ensures its continued integrity as a factor of authentication, and creates a channel between the device and the digital service provider through which identities are confirmed and sensitive digital transactions conducted.

Gaurav Khanna, SVP for Global Product Management and New Product Innovation added, “Entersekt’s market leading offering enables us to expand our trusted services to various new digital channels. Adding Transakt to our platforms provides us with a secure way to identify, reach out to, and interact with our customers.”

A participant in our 2014 developers conference, FinDEVr Silicon Valley, Entersekt’s CTO discussed cybersecurity challenges in a presentation titled, “Securing Mobile Applications through Transport Layer Diversity.” Since then, the company has partnered with FirstBank ($15 billion in assets), teamed up with multiple Finovate Best of Show winner Backbase, and worked with fellow Finovate/FinDEVr alum CREALOGIX. Founded in 2008, Entersekt is based in Stellenbosch, NA, South Africa. Schalk Nolte is CEO.

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AutoGravity Announces Partnership with U.S. Bank

AutoGravity Announces Partnership with U.S. Bank
By David Penn Posted on
Categories: AutoGravity

U.S Bank has just unveiled a new tool that will make it easier for auto shoppers to find the car they want and secure pre-approval – all before arriving at the dealership.

That solution comes courtesy of a new partnership with auto finance innovator AutoGravity. The Irvine, California-based fintech has helped the fifth largest bank in the U.S. build a platform at USBank.com that gives consumers looking for auto financing a straightforward process and a loan decision within minutes.

Speaking for U.S. Bank, EVP for Consumer Dealer Services John Hyatt highlighted the way AutoGravity improved the task of finding and buying a new car for both sides of the auto financing process. “We want our customers – both car buyers and dealerships – to have the best, most seamless experience possible,” Hyatt said. “This technology helps us get the buyer in the driver’s seat sooner and brings pre-approved customers to the dealership.”

The solution enables auto shoppers to choose between working with a dealership approved by U.S. Bank or with a U.S. Bank branch. Via the online tool, consumers can choose their car and dealership, apply for pre-approval, and close the loan at the dealership (or at the bank branch, depending on the option chosen) and drive home in a brand new car.

The tool is currently online only, but U.S. Bank anticipates adding the tool to the bank’s mobile app, as well as opening up the application process to used car buyers and co-applicants “in the coming months.”

“Together, AutoGravity and U.S. Bank have taken the first step on a journey to revolutionize the digital car-buying experience,” AutoGravity founder and CEO Andy Hinrichs said. “(We are) empowering U.S. Bank’s customers to finance their next car in minutes, anytime and anywhere they want.”

AutoGravity’s announcement comes less than one month after the company reported surpassing the $2 billion in financing requested milestone. Founded in 2015, and having earned a Best of Show award in its Finovate debut at FinovateFall 2016, AutoGravity is coming off a very strong 2017 that featured new partnerships with Global Lending Services and Hyundai Capital America. The company has raised $80 million in funding.

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Switch Launches Cardsavr API To Get Cards Into Circulation Faster

Switch Launches Cardsavr API To Get Cards Into Circulation Faster
By David Penn Posted on
Categories: SWITCH

Healthy credit card circulation is an underestimated aspect of what makes e-commerce work. In a world in which the average consumer carries more than three credit cards and a growing number of consumers are using those cards to shop online, it is critical that the infrastructure that delivers these cards works as seamlessly as possible – as well as for the benefit of all participants in the process.

This is what makes the new technology from Switch so compelling. The Seattle-based company unveiled Cardsavr today, the first API of its kind to give card issuers the ability to get new and re-issued cards into circulation with thousands of online merchants immediately after activation.

“Until Cardsavr, banks and merchants were held hostage by archaic credit card networks’ issuing and replacement processes and the inability alone to digitally help their cardholders manage online payments,” Switch CEO Chris Hopen explained. “This is the first time an API provides all card brands with direct control over a large source of potential and/or lost revenue.”

Switch made its name as a platform that enables consumers to easily manage their credit card accounts. With Cardsavr, the company is leveraging its core platform to help issuers and merchants increase or recapture revenues lost through the current, inefficient process.

“Our platform increases both their bottom line around credit card circulation issues and enhances cardholders’ online purchasing experiences. All parties of the e-commerce ecosystem benefit,” Hopen said. He added that Cardsavr API currently supports thousands of e-commerce sites and leverages machine learning to add more merchants daily. This enables faster card updates, Hopen explained, which was a feature merchant issuers especially liked because of the way getting cards into circulation drives outside spend, as well.

A standard REST API with support for basic CRUD (“create, read, update, and delete”) operations for cards on-file, the Cardsavr API makes it easy for card issuers to integrate Switch’s technology into their online and mobile banking apps. Mark Morrison, President and CEO of MountainCrest Credit Union and a member of the focus group that explored the Switch app, underscored this point in the statement accompanying the Cardsavr launch. “The Switch application is extremely easy to use and provides a much faster way to pay and shop at card-on-file sites,” Morrison said.

Founded in 2014 and with $1.6 million in funding, Switch demonstrated its platform at FinovateSpring 2016. The company anticipates naming a “significant list” of partners for its new Cardsavr API soon.

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FinovateMiddleEast Day One: Voices from MENA

By David Penn Posted on
Categories: FinovateMiddleEast 2018

FinovateMiddle East is right around the corner. And in addition to our signature, 7-minute live demonstrations of the latest in fintech innovation, we will be hosting a wide variety of keynotes, addresses, panel discussions, and fireside chats, as well. Finovate now gives attendees more context and insight into the relationship between financial institutions, entrepreneurs, and investors that makes fintech innovation possible.

Here’s a quick introduction to the women and men who will be speaking on Day One of FinovateMiddle East. We’ll share our lineup of Day Two speakers in separate post. For more information about what’s happening on the first day of our conference, including our demos for the day, accelerator showcase, and lunchtime roundtables, check out our Day One agenda.

Keynotes & Addresses

Mirna Sleiman, Co-founder, Fintech Galaxy

Sleiman is a senior executive with 15+ years of experience in government relations, business strategy, digital communications and journalism, mostly within the MENA region.  Sleiman will provide Chairperson’s remarks.

Jim Marous, Author and Publisher, The Financial Brand and the Digital Banking Report

Named as one of the most influential people in banking and a top 5 fintech influencer to follow, Marous is an internationally recognized financial industry strategist. Marous will speak on the topic “What can digital bankers learn from top innovators?”

Promoth Manghat, CEO, UAE Exchange

As CEO of UAE Exchange Group – a leading global provider of diversified financial services spanning money transfer, foreign exchange, and payment solutions – Manghat is responsible for strategy execution and management of operations across group entities. Manghat will discuss “Embracing fintech innovation – past, present, and future.”

Omeed Mehrinfar, Regional Director, EMEA Plug and Play

Head of Plug and Play’s fintech activities in Europe and general operations in the Middle East, Mehrinfar started his career being a founding member of one of Plug and Play’s largest divisions (fintech) in California. Mehrinfar’s address is titled “What do we mean by innovation?”

Sameer Singh Jaini, Fintech Asia top 100 influencer, CEO, Digital Fifth

Recognized as Fintech Asia Top 100, Jaini is a digital enthusiast with two decades of rich digital experience across Asia, Europe, and Americas. He has been part of core teams responsible for setting Kotak Mahindra Bank and Bharatiya Mahila Bank. His presentation will discuss the fintech strategies of Indian banks.

Raja Al Mazrouei, Executive Vice President, Fintech Hive, Dubai International Financial Centre (DIFC) 

As Executive Vice President of Fintech Hive at DIFC, Ms. Al Mazrouei oversees the region’s first fintech accelerator, which brings together financial institutions, government entities, technology partners and entrepreneurs to develop technologies that benefit the financial industry. She will provide an introduction from the Fintech Hive at DIFC.

Discussions, Panels, and Roundtables

Ruth Wandhofer, Regulatory and Fintech expert, Citi

Wandhofer is one of the foremost authorities on banking regulatory matters. Her key responsibilities include driving regulatory and industry dialogue and developing product and market strategy in line with the evolving regulatory and innovation landscape.

Wandhofer will participate in Panel Discussion: Starter for one minute – What does a fintech want? What does a bank want? What does the investor think? and Chatham House Rule Panel Discussion on fintech regulation: What is happening? What needs to happen? Can we create best practices together?

Hans Christensen, Director, Dubai Silicon Oasis Authority

Christensen serves as the Director of DTEC which he was instrumental in building up from scratch to be the largest and most profitable tech co-working centre in MENA hosting 800+ start-ups from 70 nationalities and known for hosting Intelak (Emirates Airlines incubator), the Intel ignition lab and the Dubai Smart City Accelerator powered by Startupbootcamp.

Christensen will participate in Panel Discussion: Starter for one minute – What does a fintech want? What does a bank want? What does the investor think? and Panel Discussion: What’s happening now and what’s next for AI?

Mike Cunningham, CEO, Clearly

Cunningham is a thought leader and digital practitioner of innovation within financial services with an unmatched global network with the world’s leading fintechs, accelerators and the established corporates. Before joining CLEARLY, he was Executive Vice President at Abu Dhabi Commercial Bank where he led Group Strategy and Innovation.

Cunningham will participate in the Bank CEO Panel Discussion: Driving innovation forward and the fintech global vision.

Chris Taylor, CEO, Abu Dhabi Finance

Joining Abu Dhabi Finance in 2009 and responsible for overall strategy execution, leadership and management, Taylor Chris is an experienced Chartered Accountant with over two decades of local and international financial services experience. Chris was recognized as the ICAEW Middle East Chartered Accountant of the year in 2012 and under his leadership Abu Dhabi Finance has received multiple mortgages and finance company awards.

Taylor will participate in the Bank CEO Panel Discussion: Driving innovation forward and the fintech global vision.

Serdar Guner, Director, Supervision, DFSA

Guner joined the DFSA as senior manager in the supervision division in September 2010. He became a director in 2013 after serving as an associate director in 2012. Following responsibilities and directorship roles spanning prudential risk, market conduct and pooled supervision, he now leads a team responsible for the supervision of financial technology firms and cyber risk, with the overarching responsibility of governance and operational risk in the centre.

Guner will participate in the Chatham House rule panel discussion on fintech regulation: What is happening? What needs to happen? Can we create best practice together?

Wai-Lum Kwok, Executive Director, Capital Markets Financial Services Regulatory Authority, ADGM

Kwok joined the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in June 2015. He heads up the Capital Markets division responsible for admission and supervision of financial market infrastructures and capital market intermediaries. The division also regulates the offering of securities, collective investments schemes. 

Kwok will participate in the Chatham House rule panel discussion on fintech regulation: What is happening? What needs to happen? Can we create best practice together?

Pooja Singh, International Relations Specialist, Securities and Commodities Authority, UAE

Singh is a financial analysis and regulatory compliance professional with over 10 years of progressive experience. She currently works with Securities and Commodities Authority (SCA), UAE and is a member of their fintech team. She is working on various projects to implement international best practices in the UAE capital market and help shape SCA’s views on fintech.

Singh will participate in the Chatham House rule panel discussion on fintech regulation: What is happening? What needs to happen? Can we create best practice together?

Moussa Beidas, CEO & Co-founder, Bridg Payment Solutions

Beidas is a digital user experience designer and creative strategist who has built customer experiences for DeNA (Tokyo), Tata DOCOMO (India), Skype, Mathaf Museum of Modern Art (Qatar), Microsoft (USA), Hero MotoCorp, i2, ALDAR (UAE). He has designed customer experiences spanning the world’s largest markets including India and the Middle East impacting over 600 million end users.

Beidas will participate in Panel Discussion – How far can we go with big wallets? and the Day One Revisit: What did the bank gain? What did the fintech gain? What do investors think?

Narayanan Ganapathy, CEO, Angivest Ventures

CEO of an early stage investment firm based in Bahrain providing pre-seed and seed stage capital to technology startups globally, Ganapathy brings in a wealth of investment management experience, having worked both regionally and internationally in senior management positions with prominent institutions such as Deutsche Bank and GFH Financial Group.

Ganapathy will participate in Panel Discussion – How far can we go with big wallets?

Danny Abla, Director, Fintech, Arab Financial Services

A serial entrepreneur with 15 years in tech and 2 start-ups under his his belt, Abla founded PinPay in 2008 back when mobile payments was still in its infancy and sold it to a leading bank in 2013. He went on to found another start-up in New York, Shoop, which he sold in 2015. Since then, he got very involved in the MENA start-up ecosystem and has been helping start-ups design their products and grow their customer base.

Abla will participate in Panel Discussion – How far can we go with big wallets?

Vikas Bansal, Community Partner, FinTech Connector

Bansal has successfully managed multiple consulting/outsourcing relationships as a client partner for various banks and financial services institutions to deliver transformation projects and achieve key business objectives. As a strategic adviser to clients, he has been a keen observer and researcher of trends and opportunities that contextualize fintech and the various thematic areas of fintech innovation and disruptive technologies. 

Bansal will participate in Panel Discussion – How far can we go with big wallets?

Gaurav Dhar, Second Generation Fintech Entrepreneur, Tech Investor, Advisor, Mentor

Dhar is the Manager at Payments Solution Provider Marshal Equipment. He has been working at Marshal for over 13 years now, handling the day-to-day business, delivering solutions, and building long-term partnerships and payment ecosystems.

Dhar will participate in our Panel Discussion – How far can we go with big wallets?

Suvo Sarkar, Sr. EVP & Group Head, Retail Banking and Wealth Management, Emirates NBD

General Manager for Retail Banking at Emirates NBD since June 2012, Sarkar has the mandate to oversee all aspects of Emirates NBD’s Retail Banking and Consumer Finance businesses, including branches, retail loans, mortgages, credit cards, wealth management, direct banking, SME, sales and marketing, as well as setting new standards in product innovation.

Sarkar will participate in the Big Bank fireside chat.

Zhi Ying Ng, Senior Analyst Forrester

Zhi Ying serves eBusiness and Channel Strategy Professionals within the Asia Pacific financial services and retail sectors. Her research focuses on how digital technologies are transforming the way financial institutions and retail enterprises interact and engage with empowered customers.

Zhi Ying will participate in the Big Bank fireside chat.

Rami El-Dokany, Founder, Inclusion

E-Dokany will participate in Panel Discussion: Starter for one minute – What does a fintech want? What does a bank want? What does the investor think?

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Backbase Partners with SGBL to Support Digital Transformation

Backbase Partners with SGBL to Support Digital Transformation
By David Penn Posted on
Categories: Backbase

Days away from Finovate’s first conference in the Middle East, we learn that one of our most popular alums (as judged by Best of Show awards) is supporting digitization and modernization for one of the leading banks in Lebanon and the Levant: Backbase has partnered with Société Générale de Banque au Liban (SGBL) to help the banking group replace their legacy technology with Backbase’s omni-channel digital banking platform.

“We are delighted to have been chosen by SGBL and to play a role in the transformation of their digital banking landscape,” Backbase CEO Jouk Pleiter said. “This expansive, customer-focused transformation brings SGBL into the same playing field as the fintechs, or even beyond.” Highlighting the ability of the platform to serve both its retail and corporate clients, Antoun Sehnaoui, Chairman and CEO of SGBL said the partnership would help the firm maintain its commitment to providing its customers with financial technology that is innovative and secure “to help keep them moving forward with confidence.”

The new platform from Backbase features easy-to-use environments, real time transactions, an enhanced user experience, faster time to market, increased security with multi-factor authentication, online client origination, and 24/7 banking services across branches and channels. The technology has already begun its rollout in Lebanon, with internet and mobile banking features going live in December. A broader regional rollout to Jordan, Cyprus, and the UAE is planned.

SGBL’s decision to deploy Backbase’s technology is timely. The company released version 6 of its digital banking platform late last year, bringing customers what VP of Product Management Jelmer de Jong referred to as “an API architecture ready for the Open Banking and PSD2 future.” The Amsterdam, Netherlands-based company and multiple-time Best of Show winner went live with French, mobile-only bank Orange Bank last fall, and was named Growth Partner of the Year by Capgemini. Most recently demonstrating its technology at FinovateEurope 2017 last February, Backbase was founded in 2003.

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FinovateMiddleEast Day Two: Voices from MENA

FinovateMiddleEast Day Two: Voices from MENA
By David Penn Posted on
Categories: FinovateMiddleEast 2018

By adding keynote addresses and panel discussions to the signature, 7-minute Finovate demo format, attendees to our conferences benefit not only from seeing live technology demonstrations firsthand. They also get exposure to some of fintech’s most insightful thought leaders, including CEOs, serial entrepreneurs, bankers, and investors. Here, we’re giving you a look at some of the women and men who will be speaking on Day Two of FinovateMiddle East.

Note that some of our speakers on Day Two are also speaking on Day One and have been introduced as part of our Day One feature. These include Ruth Wandhofer and Moussa Beidas who will close Day Two with a revisit of our Day One Theme: What did the bank gain? What did the fintech gain? What do investors think?

For more information about what’s happening on the second day of our conference, including our demos for the day, accelerator showcase, and lunchtime roundtables, check out our Day Two agenda.

Keynotes & Addresses

Paul Schulte, Founder and Editor and International Fintech Guru, Schulte Research

Schulte is founder and editor of Schulte Research, established in 2011 for researching financial institutions and related technology. He has had a career in equity research which spans 27 years as a chief strategist for major institutions including Lehman, Barclays and Nomura. Schulte will speak on “The future of financial services: AI and the use of blockchain globally.”

Bryan Stirewait, Managing Director, Supervision, DFSA

Stirewalt joined the DFSA in 2008 and has served as a Managing Director since 2010. His responsibilities include prudential and conduct-oriented oversight of financial service providers and overseeing the DFSA’s role with Registered Auditors and CRAs. Stirewalt also directs the DFSA’s efforts to fight methods of illicit finance within his primary areas of responsibilities, as well as with DNFBPs. At FinovateMiddleEast, he will provide an update on fintech regulation.

Bernard Matthewman, Regional Director, MEA, Motive Labs

A highly experienced CEO in Africa, Matthewman has built and sold significant fintech businesses over the past 20 years, including the well-known Paynet Group. PesaPoint formed part of Paynet in East Africa, which recently won the Gold Award for innovation at the ATMIA 50 year celebrations for the global first of performing cardless mobile transactions on ATMs. Matthewman will provide a keynote, as well as participate in our fintech unicorn interview.

Ambareen Musa, CEO, Souqalmal

Musa will participate in a fintech interview.

Discussions, Panels, and Roundtables

Emre Karter, Managing Director, Head of Treasury & Trade Solutions, MENAPT, Citi

Karter is responsible for Citi’s Treasury and Trade Solution businesses in the Middle East, North Africa, Pakistan and Turkey, and is based out of Dubai, United Arab Emirates. In this role, Emre is responsible for driving Citi’s market-leading TTS business.

Karter will participate in the panel discussion: Myth versus reality – banks’ perspectives

Aleski Grym, Head Digitalisation, Bank of Finland

Grym is Head of Digitalisation at the Bank of Finland. He manages the digital programme of the bank as well as various projects related to the digital transformation of the financial industry, covering topics such as fintech, distributed ledger technologies, digital currencies, payment technologies, cyber security, and data analytics.

Grym will participate in the panel discussion: Myth versus reality – banks’ perspectives

Andrew Reid, Head of Digital Market Management and Governance, Deutsche Bank

Reid is Head of Digital Market Management and Governance for the Global Transaction Banking Division (GTB) of Deutsche Bank, based in London. He was appointed to this role in June 2017. Prior to this, he was responsible for the European Corporate Cash Management division of Deutsche Bank’s Global Transaction Bank.

Reid will participate in the panel discussion: Myth versus reality – banks’ perspectives

Lex Sokolin, Global Director, Fintech Strategy, Autonomous Research

Sokolin is a futurist and entrepreneur focused on the next generation of financial services. He directs Fintech Strategy at Autonomous Research, a global research firm for the financial sector, helping clients understand and leverage innovation. Covered themes include roboadvice, neobanks and banks-as-a-platform, blockchain and the cryptoeconomy, artificial intelligence, chatbots, insurtech and regtech.

Sokolin will participate in the panel discussion: Myth versus reality – banks’ perspectives

Ossama Hassanein, CEO, Rising Tide

Hassanein will participate in the panel discussion: Myth versus reality – banks’ perspectives

Sara Grinstead, Chief Innovation Officer, RAKBank

Grinstead leads the Bank’s approach to product and service design, ensuring that solutions are customer-centric and leveraging new business models and technologies. This includes developing new capabilities within RAKBANK, establishing partnerships with fintechs, and working with the broader UAE eco-system to support the fintech agenda in the region.

Grinstead will participate in the panel discussion on financial inclusion in MENA.

Steve Naude, Head, Middle East & Africa, TransferWise

Naude heads the Banking team for the Middle East and Africa at TransferWise, the international money transfer platform. Here he works with banks, partners and regulators to build partnerships and expand the TransferWise experience into the region.

Naude will participate in the panel discussion on financial inclusion in MENA

Mohamed El Sabban, Digital Innovation Head, Digital Banking & GTS, Commercial International Bank, Egypt

El Sabban has 23 years of wide intensive cross-functional experience in managing, developing and implementing large-scale strategic business transformation programs in the region. He is also passionate about blending business strategies, human-centric design, disruptive technologies, and business models to develop digital solutions and drive a culture of continuous innovation.

El Sabban will participate in the panel discussion on financial inclusion in MENA.

Craig Moore, CEO, Beehive

As founder and CEO, Moore is responsible for overseeing the overall strategic direction and managing the day-to-day operations of Beehive. Before founding Beehive, he was a founder and COO of Butterfly Software, a data analytics and migration software company acquired by IBM in September 2012.

Moore will participate in the panel discussion on financial inclusion in MENA.

Devie Mohan, CEO, Burnmark

Mohan is a fintech industry advisor and analyst based in London. She is the co-founder and CEO of Burnmark, a fintech research company. She is a panel member on the ING group Think Forward initiative on better financial decision making. She writes extensively on innovation, disruption and digitalisation and is a columnist with several publications.

Mohan will participate in the panel discussion on financial inclusion in MENA.

Yvonne Gale, CEO, NEL Fund Managers

CEO of NEL Fund Managers, a specialist impact investment firm providing tailored funding to small and medium-sized businesses in the North East of England, Gale is also a director of NI Growth Loan Fund General Partner, overseeing the operation of similar funds in Northern Ireland by Whiterock Capital Partners LLP.

Gale will participate in the panel discussion on financial inclusion in MENA.

Tariq Sanad, CFO, Fetchr

Sanad will participate in our unicorn interview.

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Entersekt Joins ForgeRock Trust Network as Principal Technology Partner

Entersekt Joins ForgeRock Trust Network as Principal Technology Partner
By David Penn Posted on
Categories: Entersekt

Mobile-first authentication and e-commerce enablement specialist Entersekt announced today that it has joined the ForgeRock Trust Network as a principal technology partner. ForgeRock provides identity and access management solutions to financial services, retail, healthcare, and communications companies as well as to educational institutions and governments including Belgium, Canada, New Zealand, and Norway.

“Entersekt will bring our customers powerful, proven authentication options that will add great vale to the exciting digital transformation projects they are embarking on with ForgeRock,” Ben Goodman, VP of global strategy and innovation for ForgeRock said. Entersekt’s advanced mobile app security, authentication, and digital signing solutions integrate seamlessly into ForgeRock’s identity and access management platform, giving customers an easy way to secure individuals, connected devices, and services.

“As Entersekt did with push-based authentication, so has ForgeRock reimagined identity and access management, rearchitecting it from the ground up,” Entersekt CCO Dewald Nolte said. “Besides our game-changing complementary technologies, it’s that pioneering approach that I believe will benefit mutual customers the most. It promises to spur further innovation and help deliver to end users the best mobile experiences available anywhere.”

Entersekt’s solutions can be applied to a variety of challenges including mobile app security, strong authentication, payments enabling, digital signing, biometric enablement and regulatory compliance. The company’s flagship products are Transakt, which provides one-touch, multi-factor authentication for digital banking and payments, Interakt, which enables push USSD, out-of-band communication for feature phones, and Connekt, which provides secure and seamless e-commerce enablement. Entersekt secures 150 million digital transactions every month in 45 countries, protecting tens of millions of end users.

Entersekt participated in our developer’s conference, FinDEVr Silicon Valley 2014, with a presentation titled Securing Mobile Applications Through Transport Layer Diversity. Headquartered in Stellenbosch, NA, South Africa and founded in 2008, the company includes RMI and Endeavor Catalyst among its investors. Schalk Nolte is CEO.

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Finovate Alumni News

By David Penn Posted on
Categories: Entersekt, Finastra, FIS, Kony, Temenos, Unison

On Finovate.com

  • Entersekt Joins ForgeRock Trust Network as Principal Technology Partner.
  • Kony to Power Digital Initiative for Partners FCU.

Around the web

  • Software Group goes live on Temenos Marketplace.
  • Finastra introduces tailored Fusion Treasury solution for Russia and the CIS.
  • FIS announces partnership with nexo standard to build compliance testing tools.
  • Wall Street Journal profiles mortgagetech innovator Unison.

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.

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BBVA Partners with Azlo to Empower Workers in the Gig Economy

BBVA Partners with Azlo to Empower Workers in the Gig Economy
By David Penn Posted on
Categories: BBVA

In a bid to help the growing number of workers making a living via the so-called “Gig Economy,” BBVA has partnered with digital business account platform Azlo to make it easier for SMEs take advantage of both domestic and cross-border banking services.

“Azlo’s goal is to level the playing field for the growing number of entrepreneurs and small businesses who wish to participate in an expanding global economy that is driven by entrepreneurs, small business owners, and freelance professionals,” said Azlo CEO Brian Hamilton.

Azlo, of which BBVA is the majority-owner, provides online banking services as well as workshops, live events and a community of entrepreneurial talent. Founded in 2017, the firm leverages BBVA’s banking license and payment infrastructure to offer its services in the U.S., and observers believe that the launch of Azlo will make it that much easier for BBVA to access the American market. In a press release accompanying the announcement, BBVA noted that 43% of workers in the United States are expected to be serving as freelancers by 2020.

“What distinguishes Azlo is its focus on the new economy,” Azlo Entrepreneur-in-Residence Ramona Ortega said. “(This includes) millennials and underrepresented entrepreneurs, and creating a deep and valuable relationship with its customers through community engagement.”

Headquartered in Madrid, Spain, BBVA demonstrated its Stockbuzz.es technology at FinovateEurope 2013. The solution enables users to monitor market sentiment as expressed on Twitter for potential insights into future market activity. Regarded as one of the most innovative European banks in terms of fintech adoption, BBVA was founded in 1857, and now has more than 117,000 employees working in more than 30 countries. The bank’s Group Executive Chariman, Francisco Gonzalez Rodriguez, was named to One World Identity’s Top 20 Identity Influencers earlier this month.  Last fall, BBVA announced a partnership with Samsung last fall to bring iris scanning technology to smartphones.

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Finovate Alumni News

By David Penn Posted on
Categories: BanQu, BBVA, LendUp, Quid, wipro

On Finovate.com

  • BBVA Partners with Azlo to Empower Workers in the Gig Economy.

Around the web

  • Wipro named one of the “World’s Most Ethical Companies” by Ethisphere for seventh time in a row.
  • LendUp CEO Jake Rosenberg talks about providing “fair financial products” to the underbanked in a conversation with Y Combinator.
  • Technology from Quid helps Walmart build its American Family Today report.
  • Milwaukee Public Radio features BanQu and its ability to leverage blockchain technology to help refugees reclaim their identities.

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.

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TIBCO Introduces New CTO and COO

TIBCO Introduces New CTO and COO
By David Penn Posted on
Categories: TIBCO Software

Big moves at the top for TIBCO. The company’s CTO Matt Quinn will transition to a new role as TIBCO’s Chief Operating Officer as the firm taps Nelson Petracek as its new Chief Technology Officer. In a press release, the company contextualized the move as part of its effort to “ramp up” its TIBCO Connected Intelligence Cloud, which Quinn will oversee.

“Our customer-first mindset is one of the many reasons I’m proud to be part of the TIBCO team,” Quinn said. “When customers choose TIBCO, I want to ensure that they receive a high-performing service that propels the growth of their businesses. I am excited to continue expanding and innovating to meet every customer need.”

Quinn joined TIBCO as a developer in 1997, became CTO in 2010 and was appointed EVP in 2014, which gave him responsibility for product engineering and support. He was educated at RMIT University, earning a Bachelor degree in Computer Science and a Masters in Applied Technology, IT.

An 11-year TIBCO veteran, Petracek transitions to CTO after leading the Strategic Enablement Group, which pursued innovative technologies such as low-code applications, the blockchain, and natural language processing. Petracek came to TIBCO from Informatica Corporation’s Emerging Technologies business unit where he served as Senior Director. He has a degree in Computational Science from the University of Saskatchewan. TIBCO CEO Murray Rode praised Petracek for his “deep, technical knowledge and broad customer relationships.”

“I’m honored to be part of such a forward-thinking company,” Petracek said. “Working at the forefront of technology innovation and serving the dual needs of our corporate strategy and customer advocacy, I’m excited to help craft TIBCO’s technology strategy as we continue to build valuable tools for businesses.”

Ranked #1 in Dresner Advisory Services 2018 Location Intelligence Market Study and named a leader in Enterprise Data Virtualization by Forrester Research, TIBCO announced a partnership with Singapore Polytechnic in January to support local engineering SMEs. An active acquirer, TIBCO purchased Cisco’s data visualization business and acquired data science and social collaboration platform Alpine Data last fall. TIBCO itself was acquired by Vista Equity Partners in 2013, one year after the company made its Finovate debut at FinovateAsia 2013. At the conference, TIBCO demonstrated its Innovative Payment Solutions technology which enables merchants and banks to gain analytic insights from customer transactions without requiring the customer to provide any other significant, personal financial information.

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