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.

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.

Top image designed by Freepik

Fortytwo Data Upgrades Entity Screening Platform

Fortytwo Data, the London-based anti-money laundering (AML) and client screening platform provider, introduced an enhanced version of its Sanction Screening Augmentation platform this week. The upgrade means that the company’s entity screening technology is now capable of reducing false positives by up to 93%.

In a press release, the company noted that false positives are a major pain point for companies, making AML and sanctions screening more expensive. Fortytwo Data leverages machine learning and automatic rule generation to improve the rate of false positive detection by more than 30%. Working with a FTSE 100 company, Fortytwo Data was able to reduce the number of AML false positives the company was having to manually check with its legacy system from 5% of all entities to less than 0.5%. Similar results were found when Fortytwo Data applied its technology to the firm’s sanction screening process.

Fortytwo Data Chief AI Officer Luca Primerano demonstrating its Customer Screening and Transaction Monitoring Enhancement technology at FinovateEurope 2018.

Fortytwo Data CEO Julian Dixon acknowledged the challenges executives face in trying to clear the regulatory bar when it comes to monitoring and due diligence. “However, the technology has already caught up enough to make our platform, the only truly AI off-the-shelf solution in the world, the most cost-efficient solution,” Dixon said.

“It is a myth that large companies need to spend millions of pounds updating their systems and there are millions of pounds to be saved,” Dixon added. ” Legacy systems don’t even need to be replaced – they just bolt together.”

Dixon noted that the company’s technology was making an impact “not just inside financial firms, but (with) cutting edge bluechips in a variety of sectors” as well.

Fortytwo Data demonstrated its end-to-end AML transaction monitoring and client screening platform at FinovateEurope 2018 earlier this year. The company’s solutions are used by banks, financial service providers, and businesses in other highly regulated sectors to lower operational and reputational risk to their enterprises as well as cut costs.

With £2 million in funding, Fortytwo Data includes BIG IDEAS GROUP among its investors. This spring, the company appointed Luca Primerano as Chief AI Officer.

Finovate Alumni News

On Finovate.com

  • Fortytwo Data Upgrades Entity Screening Platform.

Around the web

  • Munnypot honored for Best Website DFM/WM and Most Innovative Robo Advice/Guidance Proposition at the Investment Marketing and Innovation Awards 2018.
  • ThreatMetrix announces a new 3D Secure 2.0 offering as part of its summer 2018 release.
  • CREALOGIX takes over remaining 80% of ELAXY Business Solution & Services from Fiducia & GAD.
  • Azimo enables customers in Nordic countries to transfer money to accounts in 10 new countries in Eastern Europe and the Asia-Pacific region.
  • Inverse highlights Revolut’s planned U.S. launch.
  • Jack Henry & Associates named a top workplace by The Tennessean for fourth 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.

Finovate Alumni News

On Finovate.com

  • Quantopian Partners with FactSet to Launch Quantopian Enterprise.

Around the web

  • Dwolla partners with Cryptanite Blockchain Technologies to enable the firm’s ChargaCard payment app to process online payments.
  • The Paypers interviews Maxim Yevdokimov, Head of Mobile and Digital Strategy at Tinkoff Bank Maxim.
  • Fortytwo Data appoints machine learning expert Luca Primerano as Chief AI Officer.
  • Radius partners with Leadspace to deliver a go-to-market platform with data, artificial intelligence and integrations at its core.
  • NCR names Michael Hayford Chief Executive Officer, Frank Martire Executive Chairman, and Bill Nuti Chairman Emeritus.
  • BBVA issues loan using the blockchain.
  • ACH Alert launches PRO-TECH RT and PRO-TECH CR.

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

  • Ephesoft Unveils Mortgage Document Capture Solution.
  • Coinbase Acquires Earn.com; Adds Balaji Srinivasan as First CTO.

Around the web

  • ThreatMetrix introduces its first product integration with LexisNexis since the company was acquired in February.
  • Finastra makes its mortgage lending solutions available via the cloud courtesy of partnership with Microsoft.
  • Ambassador Michael Froman joins Mastercard as vice chairman and president of strategic growth.
  • Moneyhub opens its API to U.K. challenger banks Monzo and Starling.
  • Coinbase acquires Cipher Browser to support its decentralized mobile browser offering.
  • Fortytwo Data appoints Luca Primerano as chief AI officer.
  • Coindesk: Mastercard Eyes Blockchain for Fighting Fake Identities.
  • Infosys to acquire Creative and Consumer Insight Agency, WONGDOODY.

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.

FinovateEurope Sneak Peek: Fortytwo Data

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

Fortytwo Data uses the very latest technology in its AI-powered anti-money-laundering (AML) platform for use with client behaviour monitoring, transaction monitoring, and sanction screening.

Features

  • Combines traditional rule-based scenarios with the latest machine learning techniques
  • Offers dynamic scenario building empowering the AML analyst
  • Provides a 90% reduction in false positives in sanction screening

Why it’s great
Fortytwo Data’s Advanced AML Platform provides a full, end-to-end solution to manage transaction monitoring and screening using the most advanced machine learning techniques.

Presenters

Luca Primerano, Head of Strategy
Primerano has 10 years’ strategic and operational leadership experience gained at Deloitte, Deutsche, and Goldman Sachs. His expertise lies at the intersection between process and technology.
LinkedIn

Julian Dixon, CEO
Dixon has more than 20 years of financial services experience gained at major investment banks including Deutsche Bank, JP Morgan, and Commerzbank. His roles have included front-office sales leader.
LinkedIn