Finovate Global: Braintri Wins App Prize; Featurespace in Singapore

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.

Central and Eastern Europe

  • Austrian division of private banking and asset management group, LGT, partners with Avaloq.
  • Bank of Lithuania announces updates to its position on virtual assets and ICOs.
  • IKO, the mobile app co-developed by Braintri for PKO Bank Polski, wins first place in worldwide ranking of mobile apps published by British Retail Banker International for second consecutive year.

Middle East and Northern Africa

  • Finastra brings its core banking technology to Saudi Arabia.
  • Cryptocurrency brokerage based in Kuwait, YallaBit, raises $925,000 in Series A.
  • Arabian Gazette highlights Bahrain’s Manama, Saudi Arabia’s Riyadh, as well as both Dubai and Abu Dhabi in the UAE in its look at Four Arabian Gulf Cities Where Fintech is Thriving.

Central and South Asia

  • Temenos acquires Bangalore-based big data and analytics firm, hTrunk.
  • National Bank of Pakistan introduces its first contactless debit card.
  • Anirban Mukherjee appointed CEO of PayU India.
  • QR code-based payment app BharatPe raises $17 million in round led by Sequoia Capital India.
  • Pan Asia Bank and TerraPay partner to provide instant cross-border payment access to bank accounts in Sri Lanka.
  • Halyk Bank teams up with Fiserv to centralize its cash management process.

Latin America and the Caribbean

  • Digital challenger bank C6 goes live in Sao Paulo, Brazil.
  • Mexico looks at the possibility of forming a digital payments system, run by the central bank, to help make financial services more accessible for the underbanked.
  • PYMNTS.com features Argentine digital challenger bank, Wilobank.

Asia-Pacific

  • Ping An’s fintech subsidiary OneConnect sets up shop in Indonesia.
  • Hong Kong Exchange acquires minority stake in Shenzhen-based fintech.
  • Featurespace goes live in Singapore.

Sub-Saharan Africa

  • South African digital lender Payabill announces equity stake investment from Johannesburg-based business challenger bank, Sasfin.
  • Kenyan Capital Markets Authority Chief Executive Paul Muthaura speaks about the need for a “conducive environment” for fintech innovation in the country.
  • Nigerian Lagos state government to launch e-procurement platform within the next three weeks.

Top image designed by Freepik

Avaloq Banking Suite Goes Live with LGT

The Austrian unit of LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, has gone live with the Avaloq Banking Suite, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The roll-out complements similar activation projects for LGT with Avaloq in Liechtenstein, Switzerland, Singapore and Hong Kong, meaning that all of the group’s core markets now use the same banking system.

The LGT deal with Avaloq dates back to 2006 – the company has been rolling out the core banking system across LGT locations over the years, and Austria is the last site to join. The project in Austria started in 2016.

Jürg Hunziker, CEO of Avaloq, said: “Avaloq is now able to support Austrian banks as the sector increasingly looks to digitise its infrastructure.”

Dietmar Baumgartner, co-CEO of LGT in Austria, added: “The integration of Austria into LGT’s group-wide core banking system makes it possible to benefit from synergies and further simplifies internal processes.”

LGT is a financial services group that has been controlled by the Liechtenstein Princely Family for over 80 years. With Avaloq’s adoption, it aims to strengthen its client-centric sales and service model.

The solution addresses market needs specific to Austria, such as the local tax system and current and future financial regulations. This means that the bank’s advisers automatically meet regulatory requirements.

The going live marks the market entry of Avaloq in Austria. Its scalable solution is now also available to other private as well as retail banks.

Back in 2017, FinTech Futures reported that LGT was implementing the vendor’s OneSumX platform for the regulatory reporting and risk management of its Asian operations – in Singapore and Hong Kong.

Avaloq demonstrated its “double marketplace” that brings the app store concept to banking, at FinovateAsia 2018, winning Best of Show. The Zurich, Switzerland based firm was founded in 1985.

Finovate Alumni News

On Finovate

  • UK-based GBG Acquires IDology in $300 Million All-Cash Deal.
  • NetGuardians Teams Up with Swiss Wealthtech Pictet to Fight Fraud.
  • Finastra Brings its Core Banking Technology to Saudi Arabia.

Around the web

  • BBVA unveils first blockchain-supported structured green bond.
  • Strands introduces Engager 2.0, the newest edition of its AI and machine learning powered financial insights generator.
  • Avaloq’s banking suite goes live with the Austrian division of international private banking and asset management group, LGT.
  • IKO, the mobile app co-developed by Braintri for PKO Bank Polski, wins first place in worldwide ranking of mobile apps published by British Retail Banker International for second consecutive year.
  • Baker Hill earns nomination for The Best Tech in Indiana in TechPoint’s 20th annual Mira Awards.
  • CardFlight’s SwipeSimple now enables more than 50,000 merchants across all 50 states of the U.S.

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

Around the web

  • U.K. based financial services company Smith & Williamson to deploy Avaloq’s SaaS technology.
  • Quadient announces partnership with South Africa’s Beehive Online Solutions.
  • Sberbank and its subsidiary Sberbank Technology unveil open source-based communications platform for developers, engineers, and architects.
  • Roostify adds financial services consultant Marshall Lux to its advisory board.
  • Morocco-based CFG Bank chooses Kony to help drive its digital transformation.

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

  • Best of Show Winner Capitalise Goes Live with Interactive Brokers.
  • Alt Credit Scorer Aire Scoops Up $11 Million in Growth Funding.

Around the web

  • Raiffesisen banks in Switzerland go live with Avaloq’s core banking system.
  • ID.me tops 10 million user milestone.
  • Fiserv launches new mortgage lifecycle integration solution, Mortgage Momentum.
  • Worldline announces expansion of its partnership with Rambus to provide ITSO smart tickets in the U.K.
  • The Paypers interviews Luke Flomo, Head of Ecommerce for Trustly.
  • BlueRush announces two new board members, Michael Beckerman and Paul G. Smith.

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

  • BlueVine Teams Up with Bullhorn to Help Finance Staffing Firms.

Around the web

  • Avaloq announces doubling the size of its London office.
  • Entrepreneur Network partner Mars Discovery District interviews Horizn CEO, Janice Diner.
  • Qatar National Bank (QNB) the largest financial institution in the MENA region to deploy IGTB’s corporate banking platform.
  • Lendio earns spot as top financial services brand on Entrepreneur’s Franchise 500 roster.

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 Around the World

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.

Central and Eastern Europe

  • Gazprombank plans to offer crypto asset custody services later this year in collaboration with Metaco and Avaloq.
  • PYMNTS.com looks at how B2B payments companies in Russia are leveraging the successes of the country’s B2C payments industry.
  • Czech banks anticipate the availability of Apple Pay in the Czech Republic by February or March of 2019.

Middle East and Northern Africa

  • UAE-based financial product comparison portal, Yallacompare, raises $8 million in funding.
  • Central Bank of Kuwait (CBK) goes live with Tata Consultancy Services’ TCS Bancs.
  • Al Bawaba examines the reasons behind Egypt’s relatively slow adoption of fintech.

Central and South Asia

  • Telenor Microfinance Bank unveils Pakistan’s first blockchain-based cross-border remittance service with technology developed by Alipay.
  • PYMNTS.com looks back at a “huge year” for funding for Indian tech startups in 2018, including $300 million raised by mobile wallet app Paytm.
  • Commercial Bank of Ceylon teams up with Tenpay Payment Technology to launch WeChat Pay in Sri Lanka.

Latin America and the Caribbean

  • Bloomberg discusses the relationship between Chinese investment in mobile commerce and the growth of Latin America’s tech sector.
  • Brazilian energy holding company Cosan introduces digital wallet, Payly, for QR code payments and mobile transfers.
  • Chilean government considers levying a tax of up to 19% on global e-commerce companies with local operations.

Asia-Pacific

  • Seven Bank of Japan to adds face recognition functionality to its ATMs to enable “on the spot” account opening.
  • New $200 million investment to support KinerjaPay’s expansion into P2P lending and mobile payments.
  • Reuters reports that China is examining ways to provide lower cost financing, including via bonds and bank lending, to the nation’s small businesses.

Sub-Saharan Africa

  • South African government establishes crypto task force to develop a comprehensive government response to cryptocurrencies, including the taxing of crypto asset transactions.
  • Fintech Circle partners with the African Fintech Network to launch its fintech education courses for African countries.
  • Coin Idol considers the prospect of a crypto bubble developing in Africa.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Citi Forges Strategic Partnership with Feedzai.

Around the web

  • Clinc Brings Conversational AI to Turkey’s Isbank.
  • FinTech Futures sits down with TransferWise’s Stuart Gregory to talk about the power of partnerships.
  • Intelligent CIO looks at the merger of Polish fintechs, Braintri and iCompass.
  • Experian launches Experian Boost, an online platform that enables consumers to instantly improve their credit scores by providing additional financial information.
  • Envestnet president Bill Crager is featured in Financial Planning’s 19 People Who Will Change Wealth Management in 2019.

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 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

On Finovate.com

  • Fighting Financial Crime with Feedzai’s Risk Ledger.
  • Finicity Automates Asset Verification for Princeton Mortgage’s SnapApp.

Around the web

  • Sberbank joins BC Region and NSD in three-way repo deal using blockchain technology.
  • Avoka accepted into Symitar Vendor Integration Program, will integrate its Transact platform with Symitar Episys.
  • Infocorp spinoff Bankingly raises $5.25 million in Series A funding in round led by Elevar Equity.
  • Avaloq and cyber infrastucture firm Metaco team up with Gazprombank.
  • thinkmoney leverages Outsystems’ low-code platform to deliver new applications and features for its innovative current account offering.
  • Finastra opens new offices in Romania.

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.