Amazon Pay Fuels P2P in India; Fenergo Makes Friends in Bahrain

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

Latin America and the Caribbean

  • Brazil’s central bank issues open banking guidelines for the country.
  • Crunchbase News looks at VC funding trends in Latin America and their impact on fintech investment.
  • LATAM Tech explores Argentina’s investment in blockchain technology.

Asia-Pacific

  • ACI Worldwide to help Indonesia interbank network ALTO to expand its payment capabilities.
  • China makes moves to ease cross-border ecommerce settlement.
  • Monetary Authority of Singapore (MAS) and Central Bank of Canada team up to trial DLT technology for cross border payments.

Sub-Saharan Africa

  • ESI Africa reports on the potential for fintech to drive economic growth in Africa.
  • Kenya’s 4G Capital, a financial services solution provider for micro, small, and medium-sized enterprises (MSMEs) opens offices in Uganda.
  • Fintech News Switzerland profiles the fintech scene in South Africa.

Central and Eastern Europe

  • Token helps drive Open Banking with new Sberbank Croatia partnership.
  • Lithuanian fintech Paysera announces plans to raise €2.5 million in a security token offering.
  • Banks in Hungary and Slovakia choose core banking technology from Oracle Financial Services.

Middle East and Northern Africa

  • Fenergo working with Bahrain’s Electronic Network for Financial Transactions to design and implement a KYC solution that incorporates blockchain technology.
  • Wamda interviews Mohamed Okasha, co-founder of Egypt-based electronic payment gateway, Fawry.
  • Mercury Payment Services, a Dubai-based financial services company, to deploy AML technology from Fiserv.

Central and South Asia

  • TechCrunch: India tops China as destination for fintech investment.
  • Amazon Pay launches P2P payments for Android users in India.
  • Myamar-based financing platform Daung Capital closes Series A round after securing additional funding.

Top image designed by Freepik

Fintech by the Bay: FinovateSpring Returns to San Francisco

Fintech by the Bay: FinovateSpring Returns to San Francisco

FinovateSpring is right around the corner! Our week of live fintech demos, insightful discussions, and passionate debates is one of the best – and most entertaining – ways to get up to speed on everything you need to know about the state of fintech today.

With a special, pre-show Summit Day on Tuesday, May 7, FinovateSpring begins on May 8 and runs through Friday the 10th. Our annual spring conference will be held at the Hilton San Francisco Union Square, where we’re looking forward to a fun and informative four days focused exclusively on fintech innovation.

Here are a few things to keep in mind as you plan your trip to the Bay Area.

Get Your Tickets Here!

Save your spot at FinovateSpring by visiting our registration page and picking up your ticket today.

Registration for both the main, three-day conference, as well as for our special Summit Day on Tuesday, May 7, is quick and easy. Discounts are available for groups, representatives of governmental/regulatory agencies, startups, and attendees registering for both the main conference and the Summit Day. Check out our registration page for more details.

Back at the Bay

FinovateSpring returns to San Francisco for the first time since 2013. This year our spring conference will be held in the heart of the city at the Hilton San Francisco Union Square on O’Farrell Street. The venue is less than an hour away from the main Bay Area airports, as well as shops, restaurants, and a variety of entertainment venues.

Live Demos and Deep Dives

FinovateSpring begins Wednesday morning, May 10, and continues through Friday afternoon. The first two days of the conference will feature our presenting companies as they demonstrate their latest technologies live on our stage.

On Friday, we will invite the fintech experts to take over and have them put into context the innovations that have been on display over the past few days. We’ve prepared a full day of keynote addresses, debates, fireside chats, and panel discussions on a wide range of critical trends and themes in fintech.

Check out a preview of our Friday morning main stage agenda, as well as our afternoon breakout streams on Community Banking, Digital Payments, Digital Banking, and Digital Lending.

This year we will also feature a special, pre-FinovateSpring Summit Day on Tuesday. This Summit Day consists of two tracks: one focusing on the evolving role of the customer experience in fintech and the other examining the rise of artificial intelligence as an enabling technology in the industry. We’re looking forward to the conversations with and insights from our speakers in both of these tracks.

With all we’ve got planned for FinovateSpring next week, we are thrilled to be back in San Francisco for this year’s conference. If you’ve got any questions about the event, check out the FAQ section on our FinovateSpring page or contact us directly.

Paysend Introduces New Payments App

Paysend Introduces New Payments App

The new mobile app from Paysend, Paysend Link, enables users to send money to anyone, anywhere, with just the recipient’s mobile phone number.

“We are constantly looking for ways to simplify and improve (the) customer experience and make it even easier for the sender to initiate a transaction,” Paysend CEO Ronald Millar said. “Now all they have to do is provide a recipient’s phone number and click send.”

Available in the iOS and Google Play app stores, PaySend Link enables fund recipients to see the incoming transfer and direct it to their Visa, Mastercard, or UnionPay card. The recipient can then immediately use the funds for transactions or withdraw the funds as cash at any ATM. PaySend added that it will make fund transfers directly to bank accounts available “soon.”

Millar pointed out that one of the advantages of PaySend Link is that it doesn’t require the exchange of personal information. “This sets a new standard when it comes to security and safety of customer data and financial information shared across borders,” Millar said. “What’s more – it’s a recipient who decides where they want to direct the incoming transfer to – their bank account, debit, or credit card.”

Founded in 2016 and headquartered in London, Paysend demonstrated its Global Account at FinovateSpring 2018. The account enables users to store fiat and crypto currencies, move funds between different currencies, transfer funds to other Global accounts or crypto wallets, and make purchases online or in-person. The account also comes with a prepaid card (both physical and virtual) to facilitate in person transactions and make cash withdrawals.

Earlier this year, the company announced that it would support money transfers to bank accounts in 34 European countries. Paysend began 2019 with news that it had forged a payments partnership with Vietcombank. The company has raised $20 million in funding, and includes MARCorp Financial and Digital Space Ventures among its investors.

WealthForge Unveils Alt Investing Processing Platform Altigo

WealthForge Unveils Alt Investing Processing Platform Altigo

A new straight through processing technology platform for alternative investments from WealthForge will make it easier for advisors and sponsors to manage alternative investment transactions for their clients and partners. The solution, Altigo, leverages automation to improve accuracy and save time in what the company called a typically “lengthy, error-prone, paper-based process.”

WealthForge CEO Bill Robbins cited the “poor experience” most customers face when trying to invest in alternative assets as one reason why interest in alternative investing remains limited among higher net worth clients. “If straight through processing provides a stable foundation for alternative investments, as it has for other asset classes, ” Robbins said, “then we can expect it to expand the pie for everyone involved.”

Errors in alternative investment subscriptions are a major issue. In its statement, WealthForge cited industry analysis that indicated that up to 60% of subscriptions are deemed not-in-good-order (NIGO), and require some correction before the transaction can be processed. This correction process can result in per document costs climbing by as much as 4x, the company noted.

Altigo is being offered to sponsors who then can make the platform available to their distribution partners. WealthForge announced that Cantor Fitzgerald is Altigo’s first major sponsor, and that advisor-focused functionality will be added to the platform later in 2019.

Jay Frank, Head of Distribution at Cantor Fitzgerald Capital, pointed to a variety of ways Altigo will help make operations more efficient for all parties involved. “Consistent with our leadership position in the industry, improving the investor, advisor, and back office experience is a key focus as we continue to scale our unique solution set of real estate and cash management programs,” Frank said.

WealthForge demonstrated its WealthForge Network at FinovateSpring 2016. The Network makes private capital markets more efficient by enabling issuers to display offerings to registered intermediaries, and by providing a branded online investment process for investors. In 2018, WealthForge announced that it has processed more than $500 in capital investments on its platform.

A member of both the WealthTech 100 and the Inc. 5000, WealthForge was founded in 2009 and is headquartered in Richmond, Virginia. The company has raised $5.2 million in funding courtesy of investors including NRV and SenaHill Partners.

Finovate Alumni News

On Finovate.com

  • WealthForge Unveils Alt Investing Platform Altigo.

Around the web

  • Three Canadian Credit Unions select Fiserv’s core platform.
  • Ripple to power instant global payments for Ria Money.
  • Persistent Systems joins Siemens’ MindSphere Partner Program to bring Industrial IoT solutions to market.

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.

NYMBUS Helps Drive PNB’s New Digital Only Bank

NYMBUS Helps Drive PNB’s New Digital Only Bank

Pacific National Bank (PNB), with nearly $500 million in assets, has selected technology solutions provider NYMBUS to support the infrastructure and operations of its new digital-only bank. PNB will leverage NYMBUS’ SmartLaunch solution to bring a seamless online and mobile banking experience to Florida’s Millennial professionals.

PNB CEO Carlos Fernandez-Guzman underscored that the process of deploying the new bank will be as smooth and effortless as the user experience PNB hopes to provide. “In less than 90 days, and without disruption or cost to our existing bank infrastructure, SmartLaunch will provide all the necessary technology, resources, and digital marketing support to ensure our digital bank gets maximum exposure to reach and acquire a new audience of tech-savvy young professionals,” Fernandez-Guzman explained. Pacific National Bank was established in 1985 and is the 19th largest bank headquartered in Miami-Dade County, Florida based on assets.

SmartLaunch enables FIs to offer a customized digital-only banking experience without the need to add human resources or undergo a major conversion process. The Banking-as-a-Service (BaaS) solution is built on NYMBUS’ digital-first SmartCore platform to eliminate the need for the bank to pursue a technology overhaul. Everything from the customer-facing call center and back office operations to digital marketing is provided by the platform.

NYMBUS President David Mitchell said the technology helps “level the playing field,” making it easier for smaller banks and credit unions to compete with the offerings of their larger rivals. Solutions like SmartLaunch, Mitchell said, will enable PNB to “focus on (its) core business while NYMBUS handles the entire back-office, operations and world-class digital marketing support to get its new digital-only bank up and running quickly.”

NYMBUS demonstrated its technology at FinovateSpring 2016. Founded in 2015 and headquartered in Miami Beach, Florida, the company announced last month that it will partner with MOXY, the first new financial institution in the Washington, D.C., Maryland, and Virginia area in more than 10 years.

Inspire Federal Credit Union went live with NYMBUS’ SmartCore platform in March and, last fall, TransPecos Banks picked the company to launch its new digital bank brand, BankMD.com. With more than $33 million in funding, the company includes Home Credit Group and Vensure Enterprises among its investors.

The #Fintech Trends to Dominate this Spring

The #Fintech Trends to Dominate this Spring

What’s new and what’s next in fintech? How are all of those 2019 industry predictions panning out?

One of the best ways to gauge what’s trending is to attend FinovateSpring, which will be taking place next week, May 8 through 10, in San Francisco. If you haven’t already, be sure to register today so you don’t miss out!

The word cloud above outlines trends the demoing companies will present on stage. Here’s my take:

Dominant themes

Artificial Intelligence
Is anyone surprised to see AI as the top trend at this year’s show? Fintechs and banks alike are leveraging the enabling technology to build out use cases across the sector from security, to investment, to marketing, and more. You can expect to see this theme pulse throughout the demos this year.

Data
If AI is a jet engine, data is jet fuel. No matter how powerful the plane, it won’t move without the propellant. Financial services generate a lot of data and fintechs are ready to show you how to put it to use.

Sales
Banks know that no matter how much money you pour into a new offering, products don’t sell themselves and up-selling and cross-selling aren’t always straightforward. So whether it’s wealth management or accounting tools, checking accounts or lending products, fintechs are ready to help bring in revenue.

APIs/SDKs
What’s a fintech without an API these days? Using an API or SDK helps fintechs give the keys to their technology to another business or organization. Prepare to see most companies allowing you to tap into their technologies with their own API and/or SDK.

Dwarfed topics

Algorithmic Investing
Wealthtech solutions were red hot in 2015, but while they are as relevant as ever, their popularity has been minimized by the takeover of topics such as AI, machine learning, and voice banking. And while companies have been using algorithms for years to disrupt this space, other topics are rising to the top of the popularity list.

Alt Payments
This is another trend that’s been around for awhile. In fact, it’s a topic startups have been tackling since the dawn of fintech. However, since consumers are still comfortable paying by credit card, cash, and in some cases even by check, alternative payments technology hasn’t accelerated quickly.

Insurtech
In the U.S., insurtech has been slow to excite both consumers and banks. There is clearly a market for insurance solutions in financial services, but it’s a small one.

What I’ll be watching

Alternative banking services, such as products for unbanked and underbanked populations are making a slow but steady rise in fintech. Big banks struggle to serve this market, which can be less than profitable, but many fintechs have found ways to deal with the risk and create a product that is relatable for the underserved audience.


There’s still time to book your ticket for FinovateSpring. And it’s worth coming a day early to attend the Summit Day on May 7. The Summit Day will feature in-depth discussions on customer experience and AI. Check out what to expect from the AI Summit and what you’ll get out of the Customer Experience Summit.

FinovateSpring Sneak Peek: UniPAY

FinovateSpring Sneak Peek: UniPAY

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

UniPAY is an all-in-one core payment solution for B2P, B2B, banks, and emerging markets vendors.

Presenter

Koba Kurdadze, Founder and CEO
Kurdadze is an experienced Chief Executive Officer with a demonstrated history of working in the financial services industry. He is skilled in business planning, analytical skills, risk management, e-commerce, and the blockchain.
LinkedIn

FinovateSpring Sneak Peek: Glia

FinovateSpring Sneak Peek: Glia

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

Glia (formerly SaleMove) is a next-generation digital communications platform for companies to connect with their customers using messaging, video, cobrowsing, and AI.

Features

  • Improve the customer experience
  • Drive online sales conversion
  • Improve contact center efficiency

Why it’s great
Glia creates digital-first moments that simplify and transform communications between businesses and their customers.

Presenter

Dan Michaeli, Co-founder & CEO
Michaeli is the CEO and Co-founder of Glia, where he is responsible for recruiting, sales, and marketing. He is originally from Guatemala and is a proud graduate of the University of Pennsylvania.
LinkedIn

FinovateSpring Sneak Peek: Terafina

FinovateSpring Sneak Peek: Terafina

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

Terafina’s omnichannel sales solution helps banks and credit unions unify the customer experience across digital, branches, and call centers to deepen client relationships and grow sales.

Features

  • Receive a simple, secure, and seamless account opening experience
  • Deliver proactive intervention to reduce abandonment rate
  • Deepen relationships through a multi-product, omnichannel experience

Why it’s great
Terafina’s rapidly growing customer base of banks and credit unions experiences an average of 18% to 35% sales conversion boost across their product lines.

Presenters

Jason Hillner, Senior Director of Sales
Hillner has over 20 years of experience helping financial institutions find, implement, and use technology to improve the customer experience.
LinkedIn

Sunil Krishnan, Head of Engineering
With over 15 years architecting and designing high performance core banking and origination systems, Krishnan brings extensive expertise to delivering continuous value to banks and credit unions.
LinkedIn



FinovateSpring Sneak Peek: Flybits

FinovateSpring Sneak Peek: Flybits

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

Flybits’ contextual recommendation engine helps financial institutions deliver hyper-personalized products, services, and content when their customers need it most.

Features

  • Go-to-market fast with Concierge
  • Enable a data ecosystem (unify any source of data)
  • Deliver high-impact personalization, without IT complexity

Why it’s great
The company’s interactive experience will demonstrate the Flybits advantage of speed, scale, and impact.

Presenters

Jordanne Pavao, Product Manager
Pavao is a Lead Product Manager at Flybits. She obtained both her BFA in New Media and MA in Media Production at Ryerson University in Toronto, Canada.
LinkedIn

Katrina Shiu, Product Management & CX
Shiu helps drive product management and customer experience at Flybits.
LinkedIn

Finovate Alumni News

On Finovate.com

  • NYMBUS Helps Drive PNB’s New Digital Only Bank.

Around the web

  • Mercury Payment Solutions and Arion Bank select Fiserv AML Technology.
  • Challenger bank Monzo to use Jumio’s Netverify for customer identity authentication.
  • Neener Analytics selected by FIS for investment and participation in The Venture Center Accelerator
  • Launchfire wins Gold at the 2019 Hermes Creative Awards.
  • Jack Henry & Associates named a Best Place to Work in Kentucky for Seventh Consecutive Year.

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.