Finovate Alumni News

On Finovate.com

  • Kreditech Raises $24 Million to Fuel Global Expansion.
  • Fiserv Delivers DNA to Duca Financial Services Credit Union.

Around the web

  • Overbond unveils COBI Sandbox to enable clients to test and build business use cases and prototypes.
  • In collaboration with open banking solution provider Crassula, Paysend launches its new business account Paysend Connect.
  • Worldline closes 36.4% stake acquisition in equens Worldline.
  • Moven parent company receives patent for financial wellness product.
  • Mastercard launches Threat Scan to assess bank fraud exposure.

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 South Asia

  • India-based investment app Groww picks up $6.2 million in BBVA-led Series A funding.
  • Uzbekistan’s Digital Trust Fund inks deal with tokenization and securitization service provider BANKEX to bring blockchain technology to government agencies.
  • Entrepreneur.com India interviews Razorpay CTO and co-founder Shashank Kumar.

Latin America and the Caribbean

  • Jamaica Stock Exchange announces successful digital asset trading pilot with Canadian fintech Blockstation.
  • Bolsa de Valores de Panamá goes live with new trading system from Nasdaq.
  • Private equity firm Advent buys $1.42 billion majority stake in Prisma Medios de Pago, an Argentina-based payments firm.
  • Mexican challenger bank Albo raises $7.4 million Series A.

Asia-Pacific

  • IBM announces $250 million partnership with the Bank of the Philippine Islands.
  • UNPay founder Zhang Zhenghua named as 2018 Golden Shell Award’s inaugural “Payment Industry Pioneer.”
  • Hong Kong’s Atom cryptocurrency exchange, AAX, prepares for Hong Kong launch in the first half of this year.

Sub-Saharan Africa

  • Absa to deploy AI to help customers in South Africa switch bank accounts.
  • Nigeria’s Nairametrics lists its Fintech companies to watch out for in 2019.
  • The first online insurance distribution solution in Mozambique, Askari Fintech, opens for business.

Central and Eastern Europe

  • Bankart wins final approval from Slovenian Central Bank to go live with Net’s instant payment solution.
  • CryptoNews looks at the rise in interest in fintech and blockchain technology in Lithuania.
  • Czech fintech Twisto to launch operations in Romania.

Middle East and Northern Africa

  • New partnership helps Moven grow in MENA.
  • Iraq’s Al Mustashar Islamic Bank goes live with ICS Financial Systems’ core banking system, ICS Banks Islamic.
  • Entrepreneur.com talks with Padmini Gupta, co-founder and CEO of UAE-based fintech Rise about democratizing access to financial services.

Top image designed by Freepik

New Partnership Helps Moven Grow in MENA

Bahrain-based Almoayed Technologies has teamed with banking tech platform provider Moven Enterprise for growth plans in the MENA region, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Under the terms of the partnership Almoayed will make Moven’s technology available to banks across the region.

“With open banking already mandated by the Central Bank of Bahrain, the Kingdom’s banks have a chance to ‘Advance to Go’ in this space and develop banking services that are the envy of the world,” said Abdulla Almoayed, CEO, Almoayed Technologies.

Brett King, executive chairman and founder, Movencorp, added that Almoayed has created a national open banking account aggregation platform in Bahrain that will enable banks to “deliver unique customer experiences”.

In terms of details, Moven will provide its artificial intelligence (AI) technologies to the payment and account information flows generated by open banking. Banks can then use these insights for personalised and context-based information.

Almoayed has localised Moven’s platform in line with regulation and the requirements of banks in the region.

In mid-December 2018, Almoayed was confirmed by the central bank as the nation’s first AISP/PISP, having graduated from its regulatory sandbox providing account aggregation services.

Bahrain’s banks need an open banking action plan by the regulatory deadline of 30 January 2019. This is needed ahead of the final compliance deadline of 30 June 2019.

Founded in 2011, Moven most recently demonstrated its technology at FinovateAsia 2017, presenting an expansion of its platform’s Wishlist functionality, as well as an all new credit feature. Last November, the company announced a partnership with mobile wallet company, Yandex.Money. In October, Moven Enterprise revealed plans to bring its technology to banks in Latin America, APAC, Africa, the Middle East, and Europe thanks to an investment of $10 million from SBI Group earlier in the year.

Finovate Alumni News

On Finovate.com

  • Finovate Alums Raise More Than $4 Billion in 2018; $802 Million in Q4.

Around the web

  • Symbiont closes $20 million Series B in round led by Nasdaq Ventures.
  • New partnership helps Moven grow in MENA.
  • UNPay founder Zhang Zhenghua named as 2018 Golden Shell Award’s inaugural “Payment Industry Pioneer.”
  • Envestnet|Yodlee acquires Abe AI to drive Yodlee’s latest conversational AI solution.
  • Experian unveils first affordability check for gaming websites.

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.

Yandex.Money Moves Mobile Wallet Forward with Moven Enterprise

Moven Enterprise announced this week that it has partnered with mobile wallet company Yandex.Money to power smart banking technology for the Russia-based company.

Yandex.Money will leverage Moven Enterprise’s open APIs to embed new features and functionality into its mobile app, pushing new product offers that extend beyond the company’s flagship mobile wallet. The partnership will give Yandex.Money’s mobile wallet offering a boost by giving its 46 million mobile wallet customers access to real-time personalized financial management tools.

“Yandex.Money is no longer just an electronic wallet, as we offer options familiar to banking clients such as money transfers, card issuance, cashback, payment for various goods and services,” Ivan Glazachev, Yandex.Money CEO explained. “We also offer users the opportunity to choose the app design theme, make investments, and now effectively control their funds.” The new features will also encourage users to adopt existing mobile wallet offerings.

Moven CEO, Marek Forysiak, said, “Moven is excited to bring our AI-driven, smart banking solutions into Yandex’s existing app by leveraging our open APIs to create a customized user experience. Their robust initiative adds a new level of sophistication and capabilities including personalized advice and financial wellness capabilities to help their customers spend, save and live smarter.”

Launched at FinovateFall 2016, Moven Enterprise takes a software-as-a-service approach by allowing banks and financial services companies to white-label its financial management technology. Moven Enterprise offers tools to help banks engage with their existing customers, acquire new customers, and drive revenue through their mobile channel.

At FinovateAsia 2017, Moven Enterprise demonstrated a new credit offering, chatbot functionality, and an expansion of its wish list feature that leverages behavioral gamification. Last month, the company announced it will bring its digital banking platform to banks in Latin America, APAC, Africa, the Middle East, and Europe.

A joint venture between Yandex and Sberbank, Yandex.Money is the largest online payment service in Russia. At FinovateSpring 2013 Yandex.Money launched Twym, an application that allows users to instantly transfer money in Rubles via Twitter.

Finovate Alumni News

On Finovate.com

  • Yandex.Money Moves Mobile Wallet Forward with Moven Enterprise.

Around the web

  • Jumio won gold award for Security Software Enterprise Product of the Year at the 2018 Best in Biz Awards
  • FamZoo redesigns card to make it more teen friendly.
  • Coindesk reports: Coinbase Quietly Opened Its OTC Crypto Trading Desk This Month.

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.

Moven Enterprise Goes Global

Smart banking solutions provider Moven Enterprise, a division of Movencorp, is leveraging its success with banks in Canada and New Zealand to help more FIs globally improve customer engagement and build new revenue streams. The company announced this week that it will be bringing its AI-powered digital banking platform to banks in Latin America, APAC, Africa, the Middle East, and Europe – buoyed by a $10 million investment from SBI Group and the establishment of SBI Moven Asia earlier this year.

“Moven has a proven model for success. Several of our client banks’ results tell the story – from significantly reduced attrition rates, positive customer engagement and increased savings behaviors and reduction in spending, Moven is well-positioned to roll-out our enterprise offering to banks around the world,” Moven CEO Marek Forysiak said.

Moven founder Brett King underscored SBI Group’s role in accelerating the company’s opportunities overseas. “SBI’s partnerships with more than 60 banks across Asia give us the opportunity to deploy our solutions quickly and efficiently, offering our Asian customers tailored and localized support and attention,” King said.

Moven Enterprise offers a customizable digital banking platform that enables FIs to boost engagement with solutions to better help their customers manage their spending and savings.  Available as a white-label, software-as-a-service offering, the technology supports instant mobile signup to make new customer acquisition less costly and more efficient, as well as a customer engagement engine that provides real-time spending and savings insights. Moven Enterprise demonstrated new capabilities of the platform – including a wishlist that uses behavioral gamification, a chatbot feature called ChatUI, and a new credit feature – at FinovateAsia 2017.

Founded in 2011, Moven is headquartered in New York City. The company has raised more than $35 million in capital over time, and includes TD Bank and Westpac among its partners.

Finovate Alumni News

On Finovate.com

  • Finn AI Closes $11 Million Series A.
  • Plaid Signs Open Banking Agreement with JPMorgan.
  • Moven Enterprise Goes Global.

Around the web

  • Klarna pairs up with Rancourt to let shoppers pay over time.
  • Credit Karma launches new personalized shopping experience.
  • Temenos ramps up AI efforts to power its digital banking platform.
  • Feedzai launches AI-powered Feedzai Genome to help users visualize and fight financial crime.
  • Jumio stays ahead of fraudsters with certified 3D liveness detection.
  • Clover announces additions to its Partner Portfolio with enhanced integrations with Nav, AP Intego Insurance Group, and Gusto.
  • Ayondo forms white label agreement with Phnom Penh Derivative Exchange to provide TradeHub for derivative brokers trading CFDs for PPDE’s clients in Cambodia.

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

  • PayPal Acquires Simility for $120 Million.
  • Finovate Favorites: A Baker’s Dozen of Best of Show Winners.
  • Touché, OCBC Bank Bring Fingerprint Authentication to In-Person Commerce.
  • P2Binvestor Earns $17+ Million in Funding.
  • Veridium Earns $150,000 Grant.
  • Newchip Lands $2 Million in Seed Funding.

Around the web

  • Experian secures FCA accreditation to supply Open Banking and PSD2 services.
  • Finn AI is the latest fintech to join Temenos Marketplace.
  • CFSI names financial health leaders: Envestnet | Yodlee, Finicity, Handle Financial, Lendstreet, Lend Up, Lending Club, Moven, and Simple.

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.

Moven Enterprise Teams with SBI Holdings to Launch in Japan

Financial engagement and digital experiences platform Moven Enterprise has partnered with Japanese financial services company SBI Holdings, which owns Softbank and is partnered with more than 60 financial institutions across Asia.

This is part of a joint venture agreement between the two in which SBI will bring Moven’s technology into Japan under the Moven brand, offering mobile banking tools to domestic and international banks. The agreement also gives SBI Holdings one of six seats on Moven’s board of directors.

Moven has already partnered with numerous financial institutions, including TD Bank and Westpac in New Zealand. Today’s agreement, however, with SBI is Moven’s first foray into Asia.

Launched at FinovateFall 2016, Moven Enterprise takes a software-as-a-service approach by allowing banks and financial services companies to white-label its financial management technology. Moven Enterprise offers tools to help banks engage with their existing customers, acquire new customers, and drive revenue through their mobile channel.

At FinovateAsia 2017, Moven Enterprise demonstrated a new credit offering, chatbot functionality, and an expansion of its wish list feature that leverages behavioral gamification.

American Banker announced today that Moven’s consumer-facing brand– a challenger bank that launched in 2011– is seeking to acquire a bank, though it has not disclosed which. The company’s founder, Brett King, said the reasoning behind a bank purchase would be to help Moven scale faster and access more services for its customers.

Moven last demoed its consumer-facing platform at FinovateFall 2016 with the launch of a daily digest feature and real-time receipt capabilities. Last June, the company’s enterprise offering, in partnership with Westpac, received the CANSTAR 2017 Innovation Excellence Award.