Finovate Global

Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Finn.ai, Finovate Global, Ondot Systems, Tinkoff Bank

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.

Middle East and Northern Africa

  • Fintech digital crowdsourcing platform, Fintech Galaxy, honors leaders of MENA’s fintech industry at its FinX – Excellence in Fintech awards.
  • Entrepreneur magazine looks at how recent investment trends are impacting the growth of fintech in the MENA region.
  • ADGM announces partnership with Bahrain’s central bank to encourage innovation in financial services in both the UAE and Bahrain.

Central and South Asia

  • Bangladeshi sales automation and credit assessment firm ShopUp picks up $1.62 million in seed round led by Omidyar Network.
  • Kazakhstan’s Bank CentreCredit buys 111 ATMs with integrated security and monitoring technology from BS/2.
  • TechCrunch interviews ZestMoney CEO Lizzie Chapman on the building a fintech startup in India.

Latin America and the Caribbean

  • Decision Report features Finn AI in a look at how chatbots are revolutionizing the financial sector. In Portuguese.
  • Banco Ficensa of Honduras goes live with new core banking technology from e-IBS.
  • Brazil’s Banco Bradesco partners with Japan’s MUFG Bank to develop Ripple-based cross-border payments service.

Asia-Pacific

  • Singapore’s Grab raises $50 million in new funding from Thailand-based Kasikornbank; unveils co-branded mobile wallet, GrabPay by KBank.
  • Courtesy of a joint venture with China’s LianLian, American Express becomes the first foreign card scheme to gain direct access to China’s payment card market.
  • Ondot Systems announces new end-to-end digital card services platform for Asian banks.

Sub-Saharan Africa

  • Kenyan fintech startup Pezesha unveils financial education academy to help educate would-be borrowers.
  • Rand Merchant Investment Holding (RMI) via AlphaCode, awards R16 million to eight South African fintech startups.
  • Nigerian Vice President Yemi Osinbajo urges the nation’s banks to make reforms in order to “cope” with what he called “a quick convergence between technology and financial products.”

Central and Eastern Europe

  • Tinkoff Mobile extends service to seven additional areas of Russia including Smolensk and the Republic of Mordovia.
  • Czech Republic’s Moneta embraces cloud-based banking with test of automatic application deployment in the AWS environment.
  • Russian microfinance company MFC Zaymer joins automated P2P platform, Robo.cash.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Finovate Global

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

  • Tinkoff Bank launches its Tinkoff Mortgage mobile application for its mortgage customers and partners.
  • Emerging Europe looks at the growth potential of the Romanian fintech market.
  • Government of Ukraine announces plans to legalize cryptocurrencies within three years.

Middle East and Northern Africa

  • Emirates NBD launches its API sandbox.
  • Arab Bank for Investment and Foreign Trade (Al Masraf) licenses Temenos‘ Learning Community Engine.
  • Bahrain’s Ahli United Bank (AUB) signs up for merchant acquiring solutions from Arab Financial Services (AFS).
  • Alejma’s Alarabi Bank (AAB) of Libya picks Temenos’ T24 core banking system as part of infrastructure renovation.

Central and South Asia

  • State Bank of India (SBI) to build card acceptance and digital payments platform as part of collaboration with Hitachi Payments.
  • Tajikistan’s first Islamic bank, Sohibkorbank, to deploy Ethix core banking system from International Turnkey Systems.
  • Open Financial Technologies and ICICI Bank of India partner to offer payments platform for micro, small, and medium-sized businesses.

Latin America and the Caribbean

  • Fiserv powers digital banking platform for Bogota Savings Bank.
  • BioCatch partners with 7 tier-one Latin American banks.
  • Visa makes its first investment in Brazil, announcing a minority stake in payment processing platform, Conductor.

Asia-Pacific

  • Temenos partners with Shanghai Pudong Development Bank (SPD Bank) to launch innovation lab.
  • StashAway, a roboadvisor based in Singapore, expands to Malaysia.
  • Australian neobank, Xinja, hires Moven founder Brett King as a permanent advisor.

Sub-Saharan Africa

  • New challenger mutual bank in South Africa, Bank Zero, announces trial run.
  • Core banking software technology startup, Riby, picks up investment from Nigerian firm, Microtraction.
  • First Bank of Nigeria goes live with chat banking on WhatsApp courtesy of partnership with Clickatell.
  • Absa Group collaborates with MTN to support POS payments via mobile wallet in Ghana.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: ACI Worldwide, Fidor Bank, Finovate Global, PayStand, Sberbank, Siam Commercial Bank, Tinkoff Bank

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.

Sub-Saharan Africa

  • Nigerian online accounting services specialist Accounteer announces plans to open new office in Nairobi, Kenya.
  • First Bank of Nigeria awards more than $14,000 in cash prizes to winners of its hackathon competition.
  • Absa Group of South Africa adds new functionality to its mobile app.

Central and Eastern Europe

  • Tinkoff Bank launches Tinkoff Junior mobile app for children and teenagers.
  • Sberbank unveils its new Payment Schedules solution, enabling users to configure the interface of Sberbank Business Online into an event feed format.
  • Top ten Ukrainian bank, First Ukrainian International Bank (FUIB) to offer banking services via messaging apps Viber and Telegram – with Facebook Messenger to be added by the end of the year.
  • Emerging Europe features Lithuania as “China’s fintech gateway to Europe.”
  • Polish vendor finance specialist LeaseLink joins loan syndication platform, Mintos.

Middle East and Northern Africa

  • The UAE’s Anglo-Gulf Trade Bank, a digitally-enabled trade bank, is announced, with operations to begin in early 2019.
  • TradeArabia looks at how fintech can help enhance trade in the Middle East.
  • Bahrain Fintech Bay launches Global Islamic & Sustainable Fintech Center (GISFC).

Central and South Asia

  • Bengaluru-based ClearTax India raises $54.6 million ($4 billion INR) in new funding.
  • Tez Financial Services, Pakistan’s first fully digital non-bank microfinance company, announces picking up $1.1 million in seed funding in a round led by Omidyar Network.
  • India’s Utkarsh Small Finance Bank (USFB) goes live with UP Retail Payments from ACI Worldwide.

Latin America and the Caribbean

  • PayStand expands operations to Mexico, forms regional partnership with StartupGDL.
  • Fidor and GFT extend partnership to the Americas markets.
  • Argentine fintech Ualá picks up $34 million investment from Goldman Sachs.

Asia-Pacific

  • Hong Kong-based mobile current account solution for the underbanked, Neat, raises $3 million in funding.
  • Accenture partners with Siam Commercial Bank’s fintech subsidiary, Digital Ventures, to co-launch blockchain trade solution. See Siam Commercial Bank at FinovateAsia in Hong Kong next week.
  • Indonesia’s OnlinePajak, a tax app provider, announced a $25 million investment in a round led by Warburg Pincus.
  • Fintech Futures takes a look at the “fintech battle” between China and the West.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: ACI Worldwide, ayondo, Corezoid, Daon, Finovate Global, Kinetica, Nubank, Payfone, Ripple, Sberbank, Temenos

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.

Asia-Pacific

  • MoneyTap, DLT-based payment app developed by SBI and Ripple goes live in Japan.
  • Indonesia’s biggest telecommunications company, Telkomsel, picks Kinetica to support its accelerated analytics, location-based visualization and AI.
  • Ayondo expands B2B offering in Asia with a new white label deal.
  • First Circle, a lending platform for SMEs based in the Philippines, has raised $26 million in new funding.

Sub-Saharan Africa

  • Daon Inks Deal with South Africa’s Capitec Bank.
  • Commercial Bank of Ethiopia deploys UP Retail Payments from ACI Worldwide.
  • Ivory Coast subsidiary of Togo-based Banque Atlantique goes live with Temenos’ T24 core banking system.

Central and Eastern Europe

  • Sberbank customers can now add “cash postcards” – automated images with sound – to their money transfers.
  • Payfone partners with Orange to fight identity fraud in four new global markets, including Poland and Romania.
  • Ukraine’s Akhmetov Bank leverages Corezoid’s cloud-based operating system.

Middle East and Northern Africa

  • Daon partners with Akbank, making the Turkish bank the first in the country to deploy facial recognition technology for mobile banking authentication.
  • Alcazar Capital Limited (ACL) to launch $100 million global fintech fund in collaboration with Fintech Consortium’s InQvest Partners.
  • Abu Dhabi Securities Exchange launches Sahmi, a new integrated digital platform for individual investors.

Central and South Asia

  • Bank of Punjab, based in Lahore, Pakistan, implements core banking technology from Oracle.
  • Entrepreneur.com considers the effect Indian fintechs have made on financial inclusion in India.
  • VC Circle looks at the rise in investment in insurtech innovators like India’s PolicyBazaar.

Latin America and the Caribbean

  • Brazilian challenger bank Nubank raises $180 million in funding.
  • UniBank Panama to implement biometric authentication technology from Ipsidy.
  • COK Sodality Co-operative Credit Union (COKCU) of Jamaica to modernize its core processing technology courtesy of a new partnership with Smart Solution.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Compass Plus, FICO, Finovate Global, Ripple, Sberbank, Temenos

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

  • Banco Fassil is the first Bolivian company to migrate its ATM network to TranzAxis from Compass Plus.
  • Legal Tech News reviews the improved opportunity for investment in the Mexican fintech market.
  • Can blockchain technology fix Argentina’s financial crisis? VentureBeat considers the challenge.

Asia-Pacific

  • Siam Commercial Bank is the first bank on Ripple’s RippleNet to pioneer multi-hop, a feature that allows payment settlement on behalf of other financial institutions on the network.
  • Singapore and Hong Kong-based digital private banking clients of Credit Suisse now can communicate with their bank via Apple Business chat.
  • Singtel launches electronics payments alliance with a pair of Thailand-based partners.

Sub-Saharan Africa

  • South African fintech Centbee announces beta launch of its bitcoin cash wallet.
  • BitCoinke looks at funding for African fintech startups in 2018.
  • Fintech Association of Nigeria begins fintech learning series in partnership with the SEC.

Central and Eastern Europe

  • Sberbank to offer loans of up to RUB 300,000 without proof of income as part of new pilot program.
  • FICO to provide KYC and onboarding solutions for Belarus-based lender, Belgazprombank.
  • Alfa Group of Russia plans to launch online insurance company, Mango.

Middle East and Northern Africa

  • Cameroon’s biggest bank, Afriland First Bank, to deploy Temenos’ T24 core banking platform.
  • Qatar Islamic Bank to leverage solutions from Volante Technologies to help meet PSD2 and open banking standards.
  • ICS Financial Systems completes blockchain proof of concept for Arab Jordan Investment Bank (AJIB).
  • Tunisia’s Banque de l’Habitat (BH) selects Temenos’ T24 core banking system.

Central and South Asia

  • KPMG releases its latest report: Fintech in India: Powering a Digital Economy.
  • Paytm secures 33% market share of UPI payments in India.
  • Medici looks at the state of financial inclusion in India.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Braintri, Coinbase, Finovate Global, iGTB, Infosys, Prisma Campaigns, Tinkoff Bank

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 South Asia

  • InstaREM reports facilitating no-fee money transfers of almost $2 million to the flood-stricken southern Indian state of Kerala.
  • Infosys announces plans to open tech hub in Arizona and hire 1,000 Americans by 2023.
  • Qbera of Bengaluru, India raises $3 million in funding from Essel Group.

Latin America and the Caribbean

  • Uruguay’s Prisma Campaigns partners with Tyfone to bring new personalized, automated marketing solutions to banks and credit unions.
  • Brazil’s biggest independent brokerage, Grupo X, to offer a platform exchange for Bitcoin and Ethereum.
  • Forbes profiles Brazilian online payments startup, EBANX.

Asia-Pacific

  • Taiwan to begin testing of its first regulatory sandbox in December.
  • SBI Ripple Asia wins license to launch blockchain-based payments app in Japan.
  • Hong Kong goes live with Faster Payment System (FPS).
  • Indonesia’s Bank Central Asia goes live on iGTB’s digital transaction banking platform.
  • Coinbase teams up with Hong Kong-based crypto trading and risk management platform Caspian to promote institutional use of cryptocurrencies.

Sub-Saharan Africa

  • Ugandan Orient Bank to deploy Acumen from Profile Software to manage treasury operations.
  • Bourse Régionale des Valeurs Mobilières (BRVM), a stock exchange based in the Ivory Coast, encourages West African fintech startups to join its innovation lab.
  • MTN Uganda teams up with MasterCard and United Bank for Africa (UBA) launch new mobile money service.

Central and Eastern Europe

  • Tinkoff Bank offers access to more than 10,000 global securities via its Tinkoff Investments Premium solution.
  • Braintri awarded the Polish Innovation Award 2018 for its creation of Jiffee, a bluetooth-based mobile payment and loyalty technology, and Biffee, a core banking system offloading engine.
  • ING Bank Romania to abandon physical cash desks this fall in favor of ATMs and its mobile banking app.
  • Slovenian fintech Eligma launches cryptocurrency payment app.

Middle East and Northern Africa

  • Commercial Bank of Dubai inks agreement with PwC to assist in its digital transformation.
  • Abu Dhabi Global Market (ADGM) signs strategic Memorandum of Understanding with Abu Dhabi Smart Solutions and Services Authority (ADSSSA).
  • Central Bank of Kuwait pledges major investment in big data and AI.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Entersekt, Finovate Global, Infosys, Neener Analytics, Ripple

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.

Middle East and Northern Africa

  • Personality Biometrics Specialist Neener Analytics Partners with American Express as part of Accelerate Middle East initiative.
  • Abu Dhabi Global Markets (ADGM) launches its digital sandbox.
  • Ithmaar Bank of Bahrain and Eazy Financial Services partner to launch biometric payment network.
  • Al Salam Bank Bahrain (ASBB) leverages technology from Clayton to launch new mobile banking solution.
  • Saudi Arabia’s National Commercial Bank partners with Ripple for instant settlement of cross-border money transfers.

Central and South Asia

  • Infosys to Acquire Fluido for $76 Million.
  • TPS and DigInc partner to support mircofinancing in Pakistan.
  • Bengaluru’s SlicePay, which provides credit to millennial consumers, announces Series A investment led by China’s FinUp Finance Technology Group.

Latin America and the Caribbean

  • Argentina-based digital financial services startup MONI raises $4.5 million in funding. In Spanish.
  • Mexico’s much-anticipated Fintech Law goes live.
  • Euromoney profiles Brazilian data management fintech, Quod.

Asia-Pacific

  • Vietnam Prosperity Bank (VPBank) launches its digital brand, Yolo.
  • Indonesia’s B2B marketplace Ralali raises $7 million in new funding.
  • Singapore introduces the first unified payment QR code.
  • ASEAN Financial Innovation Network (AFIN) launches its API Exchange.
  • Moka, a business payments management startup from Indonesia, picks up $24 million in round led by Sequoia India and Southeast Asia.

Sub-Saharan Africa

  • Jumo, a fintech startup from South Africa that helps provide financing to the underbanked, raises $52 million in round led by Goldman Sachs.
  • Central Bank of Kenya to consider new regulations for the country’s digital lenders.
  • South Africa’s Click2Sure and Finovate alum Entersekt chosen to participate in AlphaCode’s accelerator program.

Central and Eastern Europe

  • Nordigen, a credit risk assessment solution provider based in Latvia, announces $800,000 in new funding.
  • Forbes looks at the collaboration between IBM, PwC, and the Czech Republic’s Blockchain Connect Association.
  • Hackernoon makes the case for “developing your fintech solution in Poland.”
  • Which Eastern European country is making the biggest strides when it comes to innovating with blockchain technology? Bitnews Today shares its review of the region.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Asseco, Finovate Global, NICE Systems, PayPal, Sberbank, Tinkoff Credit Systems

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

  • Central Banking’s FinTech & RegTech Global Awards names the Bank of Lithuania as the winner of its Catalyst Award.
  • Halyk Bank Georgia implements new omnichannel system from Asseco geared toward retail clients.
  • Global Finance sits down for a conversation with Tinkoff Bank VP Maxim Evdokimov.
  • Sberbank partners with 500 Startups to launch Russian fintech accelerator.

Middle East and Northern Africa

  • Abu Dhabi Global Market (ADGM) introduces funding rules for private financing platforms (PFPs).
  • Bank Al-Tamweel Wa Al-Inma (BTI Bank) in Morocco to deploy Path Solutions’ iMAL core banking system.
  • IT Web Africa looks at the technological and operational challenges of banking for the underbanked in North Africa.

Central and South Asia

  • Indian digital lending startup Kissht closes $30 million Series C.
  • Fintech Valley Vizag of India partners with Bizofit to launch $1 million startup challenge.
  • India Post Payments Bank to deploy payments technology from Financial Software and Systems.

Latin America and the Caribbean

  • PayPal’s Xoom partners with OXXO to add more than 17,000 new cash pickup locations in Mexico.
  • Argentina’s digital bank Wilobank picks Spanish technology provider Indra as implementation partner.
  • Forbes profiles Brazilian fintech Neon.

Asia-Pacific

  • UnionPay introduces cross-border mobile payments service in Hong Kong, Macau.
  • Thailand’s Bank of Ayudhya chooses NICE Actimize to transform its AML compliance capabilities.
  • Blockchain patent activity picks up in China.

Sub-Saharan Africa

  • South African payments startup Yoco picks up $16 million in funding.
  • Nigeria’s Paga raises $10 million in round led by Global Investment Fund (GIF).
  • Development finance company Financial Sector Deepening Africa estimates fintech’s contribution to Africa’s GDP at $150 billion by 2022.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Azimo, Finastra, Finovate Global, Fintech OS, Fiserv, Fortytwo Data, NICE Systems, Standard Chartered Bank, wipro

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.

Sub-Saharan Africa

  • BanQu launches partnership with Anheuser-Busch InBev to revolutionize supply chain transparency in Zambia.
  • WorldRemit unveils new digital money transfer service for Kenya, Rwanda, Tanzania, and Uganda.
  • Forbes looks at the presence of fintech specialists – including representatives from Azimo and Standard Chartered – during UK Prime Minister Theresa May’s recent visit to South Africa, Nigeria, and Kenya.

Central and Eastern Europe

  • Entrepreneur.com features Fintech OS in a discussion on fintech innovation in Romania.
  • Fortytwo Data opens its first international office in Kiev, Ukraine.
  • Hungary to go live with instant payments in July of 2019.

Middle East and Northern Africa

  • Finastra joins Bahrain FinTech Bay to promote fintech innovation in the Middle East.
  • FinTech Hive, the biggest accelerator in the Middle East, Africa, and South Asia introduces its incoming startup cohort – 50% of which is fintech.
  • Sarwa, a wealth tech innovator based in the UAE, raises $1.3 million in pre-Series A funding.
  • United Bank of Egypt leverages technology from Finastra to upgrade its core banking infrastructure.

Central and South Asia

  • India-based IT consultancy Wipro inks agreement with Alight Solutions.
  • Legendary investor Warren Buffett reportedly casts his gaze on India’s fintech market.
  • Tech in Asia features the 20 top-funded fintech companies in India.

Latin America and the Caribbean

  • NICE provides its Desktop Automation solution to Latin American CRM and BPO solution provider, Liq.
  • Fintech Futures publishes a look at neobanks in Latin America.
  • LATAM Tech features Christine Chang of Startupbootcamp on the fintech startup scene in Latin America.

Asia-Pacific

  • Fiserv to power Philippine Veterans Bank’s digital transformation.
  • Bangkok Bank invites fintech startups to apply to its 12-week, InnoHub accelerator program.
  • Standard Chartered appoints Deniz Güven as CEO for its virtual bank in Hong Kong.
  • Visionet Data International and SmartPesa bring mPOS payment service, Mobey, to Indonesia.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Azimo, Compass Plus, Finovate Global, InComm, Modo Payments, Sberbank

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.

Asia-Pacific

  • InComm launches Google Play gift cards in Thailand as it celebrates its 10th anniversary in the Asia-Pacific region.
  • Bank of Thailand announces plans to develop a central bank digital currency (CBDC).
  • Indonesia’s KoinWorks, an online P2P lending marketplace, locks in $16.5 million in funding.
  • Singapore-based crypto payments startup, Terra, raises $32 million in funding.

Sub-Saharan Africa

  • Azimo forges strategic partnership with African payments business, Interswitch Group.
  • Nigerian payment startup Paystack picks up $8 million Series A investment in round led by Stripe.
  • South Africa-based bitcoin wallet Luno tops two million customer milestone.

Central and Eastern Europe

  • Sberbank becomes Founding Partner of World Economic Forum Centre for Cybersecurity.
  • A pair of fintech entrepreneurs from Latvia have bought Colorado National Bank for $8.97 million.
  • Bank of Russia’s Corporate University hosts workshop on functioning of regulatory sandbox.

Middle East and Northern Africa

  • Modo teams up with Etihad Airways to build loyalty solution for airline industry.
  • Emirates NBD launches DirectRemit service to the U.K.
  • Forbes Middle East profiles the fintech industry in Lebanon.

Central and South Asia

  • India-based startup PaySpoon to provide mobile-first credit options for consumers.
  • ZestMoney, a digital lending startup based in Begaluru, has raised $13.4 million in Series A funding.
  • Entrepreneur India explains why new entrepreneurs should “consider fintech as a sweet spot.”

Latin America and the Caribbean

  • Compass Plus migrates Brazilian prepaid card issuer, BPP, to its platform.
  • PYMNTS.com looks at partnerships between fintechs and traditional FIs in Mexico.
  • Wirecard Brazil introduces new financial features for its entrepreneur customers.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Finovate Global

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

  • Officials from the incoming Mexican administration see fintechs and corporate banks as key to increasing financial inclusion in the country.
  • LATAM Tech looks at “Peru’s promising startup future.”
  • Bolivia’s Pagina Siete previews Digital Bank’s efforts to bring Latin American fintech and Latin American banks closer together. In Spanish.

Asia-Pacific

  • Singapore-based Funding Societies tops S$200 million in crowdfunded SME loans.
  • Alipay introduces the world’s first paperless mobile tax refund in South Korea.
  • Cambodia Fintech Association officially launches in Phnom Penh.

Sub-Saharan Africa

  • Nigerian early-stage investment fund Microtraction invests in a pair of fintech startups Wallet.ng and Allpro.
  • Equity Group announces its mobile virtual network operator (MVNO) Finserve will operate autonomously to help spur fintech innovation in Kenya and other parts of Africa.
  • IT News Africa highlights “African fintech startups to look out for in 2018.”

Central and Eastern Europe

  • Lithuania’s Debitum Network leverages blockchain technology to help connect small business with alternative financing options.
  • Business Review features Romanian’s first technology accelerator, Techcelerator.
  • Ukraine considers legislation to recognize cryptocurrencies as financial assets.

Middle East and Northern Africa

  • ZDNet explains why Egypt’s unbanked and underbanked population is “ripe for a FinTech revolution.”
  • Dubai’s Jabbar Internet unveils new company, Kambio Ventures, that will develop a blockchain-based funding platform for startups.
  • Saudi Arabia, the UAE, and Bahrain discuss “coordinated approach” to supporting fintech innovation in the area.

Central and South Asia

  • Talks between Alibaba and Reliance Retail could signal the Chinese e-commerce titan’s plans for greater presence in India’s retail market.
  • Flipkart acquires India-based speech recognition start-up, Liv.ai, in a bid to boost voice-based ecommerce.
  • Paytm launches Paytm AI Cloud for India, offering a set of solutions for developers to automate workflows and integrate payments and other features.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Finastra, Finovate Global, Ripple, Sberbank, Temenos

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 South Asia

  • Pakistan joins Emirates Islamic QuickRemit online fund transfer service.
  • The State Bank of Mauritius picks Miles Software’s Moneyware platform for wealth management and banking operations.
  • DBS India joins SWIFT Global Payments Innovation (gpi) to bring better cash flow visibility via real-time cross border payment tracking for the firm’s corporate clients in India.

Latin America and the Caribbean

  • Payments Journal highlights Boom Credit, a Miami, Florida-based fintech with a focus on the Mexican market.
  • Pequenas Empresas & Grades Negocios interviews Creditas founder Sergio Furio. (In Portuguese).
  • Central banks of Curacao and St. Maarten partner with blockchain company Bitt to investigate the creation of a digital currency.

Asia-Pacific

  • Singapore’s Association of Banks makes its P2P funds transfer app, PayNow, available for business use.
  • Singapore-based international money transfer startup InstaReM announces new Chief Technical Officer, Niles Pathak.
  • CNBC reports that Ripple is looking to enter the Chinese cross-border payments market.

Sub-Saharan Africa

  • Nigerian digital lending platform Mines picks up $13 million investment.
  • Postbank Kenya launches mobile banking service, M-chama.
  • United Nations Economic Commission for Africa (ECA) teams up with the International Financial Corporation and Ant Financial to support digital financial inclusion in Africa.

Central and Eastern Europe

  • Sberbank sees a cashless payments boom in Russia.
  • Crimea’s largest bank replaces Visa and Mastercard as part of transition to Russia’s MIR payment system.
  • Forbes interviews Olga Feldmeier, CEO of Ukraine-based Smart Valor.

Middle East and Northern Africa

  • Temenos to collaborate with the Venture Lab at The American University in Cairo.
  • National Bank of Egypt chooses Fusion Treasury and Fusion Risk from Finastra in upgrade of its treasury and risk management operations.
  • Agricultural Bank of Sudan goes live on ICS Banks Islamic from ICS Financial Systems.
  • Attijariwafa Bank to deploy Path Solutions’ Sharia-compliant, iMAL core banking solution.

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