Avaloq and Cyber Infrastructure Firm Metaco Team Up with Gazprombank

Banking technology supplier Avaloq and crypto infrastructure firm Metaco have partnered with Gazprombank, a Swiss bank, to implement their integrated crypto asset solution, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The aim of this project is to provide banks and wealth managers with a solution for the management of client portfolios across all asset classes including cryptocurrencies.

Gazprombank, which is already an Avaloq client, aims to offer a cryptocurrency service to its clients in mid-2019.

The solution will integrate SILO, Metaco’s crypto-wallet management solution, within the Avaloq Banking Suite. The two firms are already familiar with each other as Avaloq has a 10% stake in Metaco.

It will also allow banking and wealth management clients to buy, sell and transfer crypto assets and currencies, without any need for a crypto-wallet or private key management.

Adrien Treccani, founder and CEO of Metaco, said: “We know that security and secure custody are of paramount importance and Metaco’s multi-signature support will make the solution fully capable for institutional use.”

Metaco’s HSM (hardware security module) ensures a “military security” solution for storing private keys and managing wallets and operations. The new solution will support a multi-signature system for transaction approval.

Avaloq demonstrated its double marketplace at FinovateAsia 2018 last month. The double marketplace is a new feature of the company’s ecosystem that brings the app store concept to banking. Headquartered in Zurich, Switzerland, Avaloq was founded in 1985.

Finovate Alumni News

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Around the web

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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.

Avaloq Launches New Venture Capital Fund

Avaloq has unleashed a new subsidiary, Avaloq Ventures, to offer venture capital funding and join the hunt for start-ups and fintech action, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Zurich-headquartered Avaloq Ventures will enable funding for fintechs partnering with Avaloq, e.g. by offering their solutions on Avaloq’s Software Exchange.

It will be led by Johannes Minho Roth, an alternative investments and fintech entrepreneur. He worked for FiveT Capital and Baader Bank among others. Avaloq founder and group chairman Francisco Fernandez will be chairman.

Roth said: “We will look to identify, fund and support the most innovative start-ups and companies with the greatest growth potential. They will be able to leverage their access to Avaloq’s client community of more than 150 banks and wealth managers worldwide.”

Avaloq Ventures will look to partner with third-party investors such as banks, wealth and asset managers, and established fintech companies in providing capital. The size of funding will be decided on a case-by-case basis.

It naturally plans to use the Avaloq Community and Avaloq’s connections. The latter says more than 1,300 third-party fintech developers work with it and over 90 third-party fintech solutions are available on its market place.

Avaloq is confident as in April this year, for instance, the firm acquired a 10% stake in Metaco, a Lausanne-based blockchain and cryptocurrency specialist. In the future, Avaloq says it will continue to identify potential M&A deals at a group level while facilitating fintech funding through Avaloq Ventures.

Along with this news, Avaloq said it is launching 150 API endpoints during the second half of 2018.

Headquartered in Switzerland, Avaloq has more than 2,000 employees; three R&D centres in Zurich, Edinburgh and Manila; and four service centres in Switzerland, Singapore and Germany.

Avaloq demonstrated the “double marketplace” feature of its API marketplace at FinovateAsia last month, winning Best of Show. The feature encourages collaboration between fintechs and FIs by enabling both parties to offer solutions via Avaloq’s ecosystem.

Finovate Alumni News

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  • eToro Launches GoodDollar to Reduce Income Inequality.
  • Zopa Seals Series G Investment En Route to Bank Launch.

Around the web

  • Privakey partners with FIDO board member Raonsecure to deliver joint solution to North America.
  • Green Dot reports record Q3 revenue of $230.6 million, up 14% from $201.6 million in Q3 2017.
  • Cardlytics expands U.S. Travel and Entertainment division with new appointment.
  • UOB’s Digital Bank advances customer-centric data solutions with Meniga.
  • Avaloq appoints Martin Greweldinger as Group Chief Product Officer.
  • LENDindex adds Centre’s USDC digital currency to its SME loan portfolio.
  • TransferWise secures £65 million syndicated debt facility with NatWest, JP Morgan, and LHV Bank.

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.

FinovateAsia Best of Show Winners Announced

Congratulations to the trio of companies that earned Best of Show honors from our FinovateAsia 2018 audience. This year’s selections reflect two key themes in fintech: the importance of enabling banks with the resources they need to empower SMEs to better serve their customers, and the rise of intelligent virtual assistants to improve efficiency and enhance the customer experience.

Arival Bank for its ArivalOS digital banking platform that integrates a full suite of third party fintech products tailored for SMEs, including bank accounts, money transfers, debit cards, mPOS, factoring, and lending.

 

Avaloq for its platform that provides seamless access to fintech solutions via a “double marketplace” that brings the app store concept to banking.

Voca.ai for its human-friendly, virtual intelligent agent for financial services call centers that helps drive lead generation, cross-sales, notifications, scheduling, and more.


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The three companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2018 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018

FinovateAsia Sneak Peek: Avaloq

A look at the companies demoing live at FinovateAsia on October 29 and 30, 2018 in Hong Kong. Register today and save your spot.

Avaloq’s ecosystem provides seamless access to an unparalleled number of market-leading fintech solutions on the Avaloq platform via open APIs.

Features

  • Ready-to-bank third party solutions
  • Highest security standards guaranteed
  • Standardized, secure and scalable banking APIs

Why it’s great
Developing a comprehensive digital business ecosystem is one of Avaloq’s strategic priorities. Avaloq offers one platform with the goal of making new fintech innovations accessible to 150+ financial institutions.

Presenters

Stewart Chen, Regional Product Manager
Chen is a digital native and prior to joining Avaloq, he had been building successful startups for over 10 years. He steered his first startup to triple-digit growth for three consecutive years.
LinkedIn

Bodo Grauer, Head of Digital Strategy and Transformation
Grauer is a development lead and drives product innovation for Avaloq’s ecosystem. He brings a wealth of experience and successful track record in managing technology projects in global finance.
LinkedIn

Finovate Alumni News

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  • Capsilon teams up with Home Point Financial to streamline loan process.
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  • NICE Actimize launches X-Sight, a financial crime risk management platform-as-a-service solution.
  • Alloy and Socure partner to automate digital identity verification and onboarding for financial institutions.
  • PayStand expands operations to Mexico, forms regional partnership with StartupGDL.
  • Tinkoff Bank adds 26 new currencies for its Black Card customers.
  • Identitii launches Overlay+ to enable Know Your Transaction. 
  • Jack Henry & Associates acquires BOLTS Technologies for its digital account opening solution.

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

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  • Onfido to Help Crowdfunding Platform Indiegogo Fight Fraud.

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  • The Technology Transformation Service of the U.S. General Services Administration awards $2 million bug bounty contract to HackerOne.
  • Mortgage Cadence integrates LoanBean’s income calculation solution into its end-to-end loan origination platform.
  • Minnesota-based Glenwood State Bank ($289 million in assets) to deploy Jack Henry SilverLake core banking platform.
  • Avaloq taps former Credit Suisse executive Michael Pahlke as Chief Service Delivery Officer (CSDO).
  • ID.me founder and CEO Blake Hall earns spot on Washingtonian’s Tech Titans 2018: Washington’s Top Tech Leaders.
  • Infosys announces plans to open tech hub in Arizona and hire 1,000 Americans by 2023.
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  • Forbes features Tina Hsiao is COO at WePay.
  • Fenergo doubles revenue for 2nd year & expands into new market segments.
  • ISARA partners with DigiCert and Gemalto to develop digital certificates and secure key management for connected devices.
  • Flywire partners with Allianz Global Assistance to enable families to purchase Allianz’s GradGuard Tuition Protection Plan.
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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

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  • Personality Biometrics Specialist Neener Analytics Partners with American Express.
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Around the web

  • Avaloq upgrades open software architecture designed to make banks more agile.
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  • itBit selected as a custody provider for Voyager’s new crypto-brokerage service.

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

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  • Industrial Bank of China selects Avaloq to provide a banking solution for its private-banking branch in Hong Kong.
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  • Los Angeles Business Journal names CoverHound a Top Place to Work for 2018.

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.