Mambu Strikes First Deal in Brazil; Twisto Sets Sights on Poland

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 Southern Asia

  • Indian financial services marketplace MyMoneyMantra raises $15 million in funding.
  • Razorpay, a payments solutions provider based in India, reports a 40% increase in the number of digital transactions in the country during the second quarter of 2019.
  • Credit Suisse and NASSCOM agree to promote the growth of Indian fintech startups.

Latin America and the Caribbean

  • Mambu forges partnership with its first Brazilian customer, Acesso.
  • MercadoLibre announces plan to allow users of its e-wallet in Mexico to earn interest on funds saved on the app.
  • Bloomberg looks at Goldman Sachs’ Special Situations Group and its pursuit of investment opportunities among Latin American fintechs.

Asia-Pacific

  • China Merchant Bank to deploy regulatory reporting technology from Wolters Kluwer.
  • Philippines Union Bank picks Refinitiv to power its electronic trading business.
  • Samsung partners with a cohort of South Korean banks on a blockchain-based digital identity project.

Sub-Saharan Africa

  • Central Bank of Kenya reaches fintech cooperation agreement with the Monetary Authority of Singapore.
  • Standard Bank leverages mobile teller technology from Infosys Finacle.
  • Kenyan payment solutions provider WAPI Pay pledges to support faster adoption of Wechat Pay and Alipay across Africa.

Central and Eastern Europe

  • Czech Republic’s Twisto announces plans to expand to Poland this fall, with expansion to Romania to follow.
  • Revolut makes Apple Pay available to its customers in Hungary.
  • Austrian insurtech Bsurance and fintech Cashpresso team up to provide automatic buyer protection Cashpresso customers.

Middle East and Northern Africa

  • Nasdaq and Iraq Stock Exchange ink new market technology agreement.
  • Emirates NBD’s Liv leverages gamification to raise money for charity.
  • Abu Dhabi Global Market’s Financial Services Regulatory Authority issues guidelines for robo advisors operating in ADGM.

Top image designed by Freepik

Standard Bank Leverages Mobile Teller Tech from Infosys Finacle

Standard Bank has cut customer waiting and transaction times since adopting the Infosys Finacle Mobile Teller Solution at branches across Africa, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).

Since going live with the enterprise level, tablet-based solution at 107 branches in five countries – Lesotho, Zimbabwe, Malawi, Zambia and Eswatini – the bank has seen transaction turnaround times reduced by over 40%.

Features such as designated workflows for tellers, relationship managers and agents, offline operation capability, an inbuilt analytics engine and an interactive user interface have improved capacity. Tellers can now offer personalised services on the go and service multiple customer requests from a single window.

Other benefits have included a 50% reduction in paper use, 14% lower branch network costs and staff training time slashed from one week to about two hours.

“Ensuring world class customer experience is a key priority for Standard Bank and ensuring this at non-digital touch points such as branches was a challenge,” said Klaas Kruger, chief information officer of African Regions at Standard Bank.

“The implementation of ‘Moby’, Finacle’s Mobile Teller Solution as we call it, has been a significant step in our journey towards customer centric digitalization and process optimization. ‘Moby’, in combination with our existing Finacle Omnichannel Hub, has been a game changer in helping us provide the best banking experience in Africa.”

The solution is in the implementation stage for Ghana and Tanzania and will be further phased in across the bank’s African Regions countries.

A division of EdgeVerge Systems, a subsidiary of Infosys, Finacle demonstrated its technology at FinovateEurope 2017. The company was founded in 1981 and is headquartered in Bangalore, India.

Finovate Alumni News

On Finovate

  • ClickSWITCH to Power Digital Direct Deposit Switch for Current.
  • Standard Bank Leverages Mobile Teller Tech from Infosys Finacle.
  • Fiserv to Enhance Risk Management for Pan-American Life.

Around the web

  • New integration between Revolut and TrueLayer brings Open Banking to money management app Emma.
  • Via its Mastercard Send push payments solution, Mastercard and Evolve Bank & Trust team up to back Branch and similar companies to ensure prompt payment for gig workers.
  • Envestnet helps Voya Financial launch hybrid roboadvisory offering.

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.

ACI Invests in Indian Payments; Brazilian Fintech Picks Up $200M from Japan

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 Southern Asia

  • ACI Worldwide invests in Mumbai, India-based payments innovator, Mindgate Solutions.
  • Pakistan’s Bank of Khyber to deploy new core banking system from Temenos.
  • Infosys earns recognition as a ‘leader’ in the IDC MarketSpace: Worldwide IT Service Management (ITSM) Implementation Services 2019 Vendor Assessment.

Latin America and the Caribbean

  • Brazilian fintech Creditas picks up $200 million investment from Japan’s Softbank, boosting the company’s valuation to $700 million.
  • Crowdfund Insider reveals the 3 Biggest Fintech Trends Shaping Latin America.
  • Amero-Isatek to open its first brick and mortar cryptocurrency exchange in Mexico’s Nuevo Leon, Monterrey.

Asia-Pacific

  • Splitit partners with EFTPay to bring installment payments to merchants in Hong Kong and Macau.
  • Vietnam’s MSB (Maritime Bank) picks SunTec for its customer centricity system.
  • Morocco-based BMCE Bank of Africa to leverage technology from Temenos to drive new corporate banking and trade finance operation in China.

Sub-Saharan Africa

  • Global Finance investigates the rise of Africa’s entrepreneurial class in the private banking industry.
  • Finextra looks at three reasons why fintech is driving change in Africa.
  • Standard Bank introduces new Mastercard-powered ditital trade solution, SimplyBlu, for SMEs in South Africa.

Central and Eastern Europe

  • Wallet, the PFM app from Prague-based fintech BudgetBakers, earns license from Czech National Bank to join the bank’s APIs.
  • New lending platform for “multi-credit” services, Omnicredit, goes live in Romania.
  • Global Finance interviews Alexey Krgulov, Acting Director of Digital Business Platform with Sberbank.

Middle East and Northern Africa

  • Turkey’s Isbank partners with Russian PSP Yandex.Checkout to support e-commerce between the two companies.
  • Disrupt Africa features MerQ, an Egyptian startup that leverages AI to promote financial literacy.
  • AMEinfo publishes its report on banking and fintech in the Middle East and Africa.

Top image designed by Freepik

Brazil-Mexico Fintech Bromance Continues; Iran to Build Blockchain Network

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

  • FintechOS of Romania raises $1.23 million (€1.1 million) in post-seed funding.
  • Elvira Nabiullina, head of the Central Bank of Russia, talks about the state of Russian fintech.
  • Lithuania’s Evarest to launch a stock trading app in the second half of the year.

Middle East and Northern Africa

  • B.R. Shetty’s BRS Ventures Investment backs Dubai-based NewBridge Fintech Solutions.
  • A partnership between Alipay and Turkish payment platform ininal will help Chinese shoppers transact with Turkish merchants.
  • Iran to develop national blockchain network based on IBM Hyperledger Fabric.

Central and Southern Asia

  • Indian B2B payments firm PayMate announces plans to expand to the Middle East
  • Nepal Rastra Bank, the central bank of Nepal, bans Chinese digital wallet Alipay and WeChat Pay over foreign currency earnings concerns.
  • Myanmar’s Global Treasure Bank (GTB) implements Infosys Finacle’s core banking solution.

Latin America and the Caribbean

  • The fintech relationship between Mexico and Brazil grows stronger as Startup Mexico opens its first overseas campus in Sao Paulo.
  • The Association of Fintech Companies of Chile (FinteChile) reports on the “four pillars” of Chilean fintech: Talent, Capital, Regulation, and Demand.
  • The Financial Times looks at Brazil’s Nubank and its efforts to grow in the Mexican market.

Asia-Pacific

  • Temenos partners with UBX to bring digital banking to underserved communities in the Philippines.
  • Singapore-based cross-border payments firm Instarem teams up with Thailand’s KBank.
  • Bank of Shanghai and OCBC deepen strategic partnership.
  • Boku integrates with digital payments solution Grab in order to expand payment options in Southeast Asia.

Sub-Saharan Africa

  • Equities.com features Flutterwave, the company that designed the payments platform for newly-public African e-commerce startup Jumia.
  • Nigeria’s OPay Mobile Money solution reaches 20,000 agents.
  • Safaricom teams up with Vodacom to acquire intellectual property rights to M-Pesa’s mobile financial service platform.

Top image designed by Freepik

Infosys to Power GTB’s Digital Strategy in Myanmar

Global Treasure Bank (GTB) in Myanmar has implemented Infosys Finacle’s core banking solution to power its retail and corporate operations, reports Jane Connolly of Fintech Futures, Finovate’s sister publication.

Finacle is understood to have replaced the Kastle core banking system from another India-based vendor, 3i Infotech.

Since the implementation, the bank says it has signed up nearly 75,000 new accounts of various types, with each onboarding process taking just minutes. It has also seen improved control and productivity in its 163 branches, thanks to built-in workflow engines.

GTB is now processing an average 300,000 mixed transactions per day and is benefiting from the “360-degree view of customer relationships and transactions” that Finacle provides.

“For over two decades, GTB has stayed true to our mission of comprehensive economic development of Myanmar through reliable, inclusive and convenient banking services,” said U KoKo Aung, CEO of GTB. “Today, to continue to abide by this commitment in an increasingly complex regulatory and competitive environment, we felt the need for a modern platform to power our banking strategy.”

Venkatramana Gosavi, senior vice-president and global head of sales at Infosys Finacle stated that the Myanmar banking industry is undergoing a transformation.

He added, “With Finacle, GTB has gained a strong foundation to boost agility and efficiency of operations, and significantly improve customer experience across channels.”

The implementation process was aided by ACE Data Systems, Finacle’s business partner in Myanmar.

Finacle, part of EdgeVerve Systems, a subsidiary of Infosys, showcased EdgeVerve Blockchain Framework for Financial Services at FinovateEurope 2017. At the start of 2018 Infosys teamed up with Tradeshift to help clients digitize supply chain management. At the start of this year, the company partnered with Qatar National Bank.

Finovate Alumni News

On Finovate.com

  • Infosys to Power GTB’s Digital Strategy in Myanmar.
  • UBX and Temenos to Deliver Inclusive Digital Banking to Philippines.
  • Fortress Identity Teams with Visa.

Around the web

  • Chain.de interviews Bitbond CEO Radoslav Albrecht.
  • Persistent Systems recognized as an Innovator in Avasant’s Internet of Things Services RadarView Report.
  • Daily Entrepreneur interviews NestReady’s CRO Marcos Carvalho.

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

  • What’s in a Name? New Mastercard Logo Embraces Icon Age.
  • LendingFront Locks in $4 Million in Series A.

Around the web

  • Ledger introduces its Bluetooth-enabled hardware wallet, Ledger Nano X.
  • Matthijs Aler appointed as the new CEO of Ohpen.
  • PaySend launches new money transfer service, PaySendLink.
  • QNB Group to deploy digital cash management solution from iGTB.
  • Klarna teams up with Stripe and Poq to enhance Missguided’s U.K. app.
  • Oliver Weber takes the helm as the new VP of Digital Banking, Switzerland, for Crealogix.
  • Infosys Finacle announces partnership with Qatar National Bank.
  • Benedigo and Adelaide Bank deploys regtech reporting solution from Wolters Kluwer.

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

  • Europe Bets on Bug Bounties, HackerOne to Fight Fraud.

Around the web

  • The Fintech Times reviews identity verification innovator Onfido in the wake of its “strongest year to date.”
  • Infosys Finacle to partner with Santander U.K., facilitating the integration of cash management solutions into existing ERP systems.
  • Diebold Nixdorf names Jeffrey Rutherford as its new permanent Chief Financial Officer, Julian Sparkes as SVP and Chief Digital Officer, and Hermann Wimmer as SVP, Global Retail.
  • Cloud Wars with Bob Evans interviews Q2 CIO Lou Senko.
  • Chesapeake Bank’s alternative lending division, Cash Flow, adds the Commercial Lending Center Suite from Jack Henry & Associates‘ ProfitStars division.

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

  • MoneyHub Secures Investment from Nationwide.
  • Lighter Capital Increases Funding Limit to $3 Million.
  • Prosper Plans HELOC Product Launch in 2019.
  • Nvstr Brings Brokerage Optimized Investing to the Masses.

Around the web

  • Kasasa partners with rateGenius to offer Kasasa Loans on behalf of Kasasa’s community financial institution network.
  • Infosys to open technology and innovation hub in Texas and hire 500 American workers by 2020.
  • Xero announces new integrations with Tide, Starling Bank, TransferWise, Revolut, and Soldo.
  • Javelin names OneSpan ‘Best in Class’ provider, honoring it with the 2018 Mobile Biometrics Platform Award.
  • Emailage announces Tom Miller as new Chief Revenue Officer.
  • Quovo becomes the first U.S.-based financial data provider granted registration in the Open Banking Directory.
  • Javelin Strategy & Research names Daon a 2018 Mobile Biometrics Platform Awards Leader in the Functional category.

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.