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

  • Mookh Africa, a fintech startup from Kenya that has developed a social business payments solution, wins Visa’s Sub Saharan Africa Everywhere Initiative contest.
  • Techpoint declares 2018 The Year of the Nigerian Fintech Startup.
  • Temenos taps Alexandre Menage as new Head of Sales for Africa.

Central and Eastern Europe

  • Equities.com reviews the 10 Hottest Places to Launch a Fintech Startup in Central and Eastern Europe.
  • Total Croatia News looks at money transfer startup, Aircash, which has gained 15,000 users in the first 12 months of operation.
  • Ukraine’s Financial Stability Council issues digital currency regulating document as popularity of crytocurrency trading in the country grows.

Middle East and Northern Africa

  • Salaam Gateway discusses how Dubai’s FinTech Hive supports Islamic fintech with the organization’s executive Vice President, Raja Al Mazrouei.
  • UAE-based merchant acquirer Network International introduces e-commerce platform for SMEs.
  • Daily Sabah looks at venture investment in Turkey in the first half of 2018.

Central and South Asia

  • Aurora talks with President and CEO of Telenor Bank, Shahid Mustafa about microfinance and e-commerce in Pakistan.
  • Onfido to Secure Drivers for India’s Largest Rideshare Company.
  • Fortune India interviews PayU India’s CEO Amrish Rau.

Latin America and the Caribbean

  • Incoming cohort for Startupbootcamp FinTech’s second Latin America-oriented program features fintechs from Mexico, Costa Rica, Ecuador, Chile, and Peru.
  • The Sociable profiles Microsoft-backed Imagine Lab Chile.
  • PYMNTS.com looks at how financial institutions in Latin America are coping with cyber fraud.

Asia-Pacific

  • Trulioo extends its identity and business verification service to the Philippines.
  • Personetics Scores Minority Stake Investment from United Overseas Bank.
  • Hong Kong Monetary Authority unveils Open API framework.

Top image designed by Freepik

Personetics Scores Minority Stake Investment from United Overseas Bank

Cognitive banking innovator Personetics announced an investment from United Overseas Bank (UOB) last week. The amount of the investment, which adds to the company’s previous $18 million in equity funding, was not disclosed. But The Business Times reports that UOB now holds a minority stake in Personetics.

“Today, UOB becomes the first bank in Asia to join this revolution in digital banking,” Personetics Co-founder and CEO, David Sosna, said. He praised the Singapore-based bank’s vision and “its commitment to the financial well-being of its customers.”

With more than 500 offices in 19 countries and territories in the Asia Pacific region, UOB will leverage Personetics’ technology to extend its own machine learning and data analytics capabilities. Dennis Khoo, UOB head of regional digital bank and strategic initiatives, added that Personetics’ technology will also enable it to improve customer engagement and “design more innovative, responsive and responsible digital banking services.”

Personetics cognitive banking solutions power personalized real-time guidance for more than 15 million digital users. With a combination of machine learning, natural language understanding, and AI-powered predictive analytics, the company’s technology enables FIs to provide their customers with highly-relevant, personalized insights and actionable advice to plan for their financial futures as well as manage everyday financial challenges.

Partnered with six of the top 12 banks in North America and Europe, and serving more than 50 million customers around the world, Personetics’ solutions provide FIs with conversational self-service (Personetics Assist), predictive insights and advice (Personetics Engage), and algorithm-based money management (Personetics Act). The company’s technology has analyzed more than 29 billion transactions and personalized more than 4.8 billion customer interactions.

Headquartered in Tel Aviv, Israel, Personetics demonstrated its Personetics Anywhere chatbot solution at FinovateFall 2016. Last month, the company unveiled a new offering designed especially for digital-only and challenger banks. This spring, Personetics announced that Banca Transilvania, the second largest bank in Romania with more than 2.2 million customers, will add its technology to its internet and mobile banking platform. Personetics began the year teaming up with Israel Discount Bank to power the $48 billion institution’s new digital financial assistant, Didi.

Finovate Alumni News

On Finovate.com

  • Personetics Scores Minority Stake Investment from United Overseas Bank.
  • StockViews Announces New Investment from Fuel Ventures.
  • CardFlight Teams with BoomTown.

Around the web

  • Entersekt partners with the GSMA to offer Mobile Connect to institutional clients.
  • Bpm’online earns recognition as a Challenger in Gartner’s 2018 Magic Quadrant for Sales Force Automation.
  • Finastra hires former Laing O’Rourke executive Gareth Burton as its new Chief Information Officer.
  • Fintech News Switzerland interviews 3rd-eyes CEO Rodrigo Amandi.
  • Exate Technology and Xero sign on to PwC’s She Can Charter initiative to increase the number of women in technology.
  • ProgrammableWeb features three new APIs from Hydrogen in its Daily API Roundup.
  • Wipro credits its banking financial services and insurance business, as well as its consumer business unit, for strong quarterly revenue growth.
  • Optimove announces new Chief Operating Officer, Yarden Malta, formerly of Earnix.
  • Top Image Systems appoints John London as Interim Chief Financial Officer.
  • Find Biometrics explores BehavioSec’s commitment to PSD2 compliance
  • AlphaPoint powers new exchange platform, matching engine, and real-time settlement exchange for SeACrypto.
  • Ephesoft named one of the 2018 Best Places to Work in Orange County.
  • Bloomberg features Crypterium. Come see Crypterium’s demo at FinovateFall this September.

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.

Personetics Accommodates Digital-Only and Challenger Banks

Cognitive analytics company Personetics has traditionally served large banks, including six of the top 12 banks in North America and Europe. Today, however, the company launched a new offering that makes its solutions more accessible for smaller digital-only and challenger banks.

The new offering provides a highly customizable, pre-packaged application, lowering barriers for smaller banks to implement AI-powered banking services. Founded in 2010, Personetics leverages predictive analytics to help banks anticipate their clients’ individual needs.

“Personalized and proactive guidance is quickly becoming a must-have requirement for banking, especially for new banks that are built on the promise of a new banking experience,” said David Sosna, Personetics co-founder and CEO. “Our mission is to deliver market-proven engagement and personalization technology that is quick and easy to deploy so digital banks can focus their resources on their go-to-market strategy.”

The implementation, which takes under three months, is designed to work with banks with limited resources. To meet these requirements, the new software package offers:

  • Pre-built banking content: The offering includes hundreds of pre-built insights, financial tips, and personalized advice that the bank can easily modify and control
  • API-first approach: Personetics uses open APIs to integrate AI functionality into a bank’s digital banking experience and allows banks to create their own brand identity and customer engagement strategy.
  • Editing tools: These tools allow the bank to retain control over the content and develop new capabilities to support its own business goals.
  • Fast time-to-market: Personetics delivers a production-level solution in just three months.

Among the first challenger banks to leverage Personetics’ new software package is U.K.-based Tandem Bank, which announced its participation in February. “The Personetics Cognitive Banking Brain provides great AI capabilities with prebuilt insights which enable us to accelerate time-to-market and place personalised highlights in the hands of our customers sooner rather than later,” said Ricky Knox, chief executive at Tandem Bank.

At FinovateFall 2016, Personetics demonstrated its Personetics Anywhere chatbot solution. The company was founded in 2011 and has received $18 million in total funding. Personetics recently onboarded Romania’s Banca Transilvania to offer AI-powered, forward-looking financial guidance to the bank’s clients. The company offers more than 4.3 billion personalized interactions to more than 45 million end customers across the globe.

Finovate Alumni News

On Finovate.com

  • Personetics Accommodates Digital-Only and Challenger Banks.
  • Diebold Nixdorf Brings its Bank-Like Kiosk to Emirates NBD Customers.
  • Munnypot Announces Strategic Partnership with Capita.
  • Switch Speeds Virtual Card Adoption with CardSavr API.

Around the web

  • aixigo wins top honors in the Outstanding Front-End Digital Solutions Provider (Vendor) category of the Private Banking Conference & Awards in Germany for its wealth management platform.
  • Trunomi announces partnership with blockchain-based digital ID solution, Shyft.
  • Mambu and Form3 team up to launch cloud-based payments processing service.
  • Fiserv collaborates with Rippleshot to provide early breach detection solution, Card Risk Office Fraud Warning.
  • Mitek adds identity document verification and biometric facial recognition technology to its platform courtesy of a new agreement with Experian.
  • Earnix introduces AcceleRate-it with Direct Deploy technology.
  • Trulioo wins Startup Canada’s Global Entrepreneurship Award.

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 the Periphery

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from the Periphery is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Asia

  • Singapore Business Review names Turnkey Lender and Bambu among Singapore’s hottest startups.
  • Citi introduces Facebook Messenger bot in Singapore as initial stage of wider worldwide rollout. (link)
  • Revolut founder and CEO Nikolay Storonsky discusses plans for APAC expansion with TechWireAsia.

Africa

  • Flywire and Flutterwave partner on cross-border payments & receivables in Nigeria.
  • Africa-based fintechs picked up almost one third of all Venture funding in Africa in 2017, according to a report from Disrupt Africa.
  • Village Capital Fintech Africa Cohort 2018 lists its incoming class of 12 startups.

MENA

  • Fintech Circle and Abu Dhabi Global Market (ADGM) to launch fintech education courses.
  • Gulf News Banking takes a look at the digitization of the fintech sector in the Middle East.
  • Bahrain-based security startup, Eazy Financial Services, launches first biometric payment network in MENA.

LATAM

  • Neener Analytics Completes Proof-of-Concept with Jamaican Payday Lender.
  • Alipay partners with Openpay to connect Chinese consumers with merchants in Mexico. (link)
  • Amazon.com unveils first debit card in Mexico as part of e-commerce initiative.

CEE

  • Personetics Brings Cognitive Banking to Romania’s Banca Transilvania.
  • Sberbank to host the first International Cybersecurity Conference in July.
  • CEE Fintech Survey for 2017 cites Poland’s fintech industry as the region’s most vibrant.

Top image designed by Freepik

Personetics Brings Cognitive Banking to Romania’s Banca Transilvania

Cognitive banking has come to CEE.

Romania’s second largest bank, Banca Transilvania, will integrate AI-powered, forward-looking financial guidance into its digital banking experience courtesy of a new partnership with Personetics. The bank, with more than 2.2 million clients, will add Personetics’ technology to the new version of its BT24 Internet Banking and Mobile Banking solution this year, giving Banca Transilvania’s retail and business customers access to insights and tools to better manage their finances.

“With the move towards open banking and PSD2 compliance, the ability to utilize data assets to deliver personalized service and guidance will become a key competitive differentiator for financial institutions in Europe and elsewhere,” Personetics CEO and co-founder David Sosna said. Speaking for Banca Transilvania, CEO Omer Tetik praised the way the technology will enable the bank to get its products to customers faster, and called the partnership with Personetics, “a new and strategic step regarding our digital focus and proof of our commitment to offer convenient and reliable services to our customers.”

Personetics specializes in leveraging machine learning, predictive analytics, and AI to help banks and credit unions create personalized, digital banking experiences for their customers and members.  The company’s Cognitive Banking Brain engine enables a range of applications including a Cognitive Banking Framework; Personetics Engage to provide personalized guidance for customer financial management; Personetics Assist, an AI-driven chatbot solution for institutions; Personetics Act, an automated money management solution; and Personetics Anywhere, which enables banks to deploy chatbot solutions over popular messaging platforms. The solutions help banks lower operational costs, increase cross-selling, and build better quality online engagement.

Founded in 2010 and headquartered in Tel Aviv, Israel, Personetics demonstrated its Personetics Anywhere chatbot solution for financial services at FinovateFall 2016. Last month, the company announced that challenger bank Tandem would use Personetics’ technology to provide personalized financial guidance for its customers. Also this year, Personetics has announced a partnership with Israel Discount Bank, where it will power the intelligent financial assistant, Didi. The company serves more than 45 million customers worldwide, and is partnered with six of the top 12 banks in North America and the European Union.

Named a Gartner Cool Vender, a Top Ten FinTech Company by KPMG, and a Top Ten Company to Watch by American Banker, Personetics has raised $18 million in funding. The company includes Lightspeed Venture Partners, Viola Ventures, and Sequoia Capital among its investors.

Finovate Alumni News

On Finovate.com

  • TransferWise to Power Payroll for Crowdfunding Platform Seedrs.
  • Behalf Lands Equity Funding and Secures $150 Million in Debt Financing.
  • Blockchain Appoints New President and Chief Legal Officer.

Around the web

  • Challenger bank Tandem to leverage Personetics Cognitive Banking Brain to provide personalized financial guidance for customers.
  • Equifax introduces commercial credit data sharing solution for SME lenders.
  • Bluefin Payment Systems partners with EDC Corporation to improve security for credit card transactions.

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.

Personetics Powers New Intelligent Financial Assistant Didi from Israel Discount Bank

Israel Discount Bank is jumping on the intelligent assistant bandwagon. This week, the bank launched its new digital financial assistant, Didi –  a solution powered by Personetics Cognitive Banking Brain.

“Utilizing advanced AI capabilities to provide personalized and proactive guidance is quickly becoming a must-have for financial institutions that want to increase customer engagement, satisfaction, and loyalty,” Personetics co-founder and CEO David Sosna said. “While digital banking assistants are gaining popularity, the ones that will stand out will be those that deliver smart interactions based on true understanding of each customer’s financial behavior and needs.”

Digital banking assistants may offer efficient customer service, but the key to higher engagement lies in the ability to offer insight and guidance that is both personalized and proactive. Didi, which will be available for free to all Discount Bank customers via the mobile app, leverages Personetics’ Cognitive Banking Brain, which analyzes specific transactions to spot spending issues or opportunities for greater saving.

“Proactively providing insight and advice, Didi is always one step ahead, empowering customers to be more efficient and effective in managing their money,” Head of Technologies & Operations division at Discount Bank, Levi Halevi, said. In addition to delivering AI-powered personalized insights and guidance, the technology also features “hundreds of pre-built insights” which, in addition to being market-tested by banks around the world, will help Discount Bank roll out the technology that much more quickly.

At FinovateFall 2016, CEO Sosna and Solution Architect Sudharshan Krishnan demonstrated Personetics Anywhere, a chatbot solution for financial services providers that works across most common messaging platforms. Last fall the company launched a new service, Personetics Act, designed to give banks a new way to help customers repay their student loans ahead of schedule. Also last fall, Royal Bank Canada announced that it was leveraging the company’s technology to deliver two new services – AI-powered finance guidance and an automated savings program – through its mobile app.

Based in Tel Aviv, Israel, Personetics was featured in our look at fintech innovation in Israel. The company has raised $18 million in funding and includes Lightspeed Venture Partners, Viola Ventures and Sequoia Capital among its investors.

Finovate Alumni News

On Finovate.com

  • Fenergo Forges Strategic Partnership with Arachnys.
  • Personetics Powers New Intelligent Financial Assistant Didi from Israel Discount Bank.

Around the web

  • Thomson Reuters introduces investment research marketplace on Eikon to further MiFID II compliance
  • Xero opens new Wellington headquarters.
  • Trustly to expand its Pay N Play gaming payment product.
  • Zopa’s investor community lends 3 billionth pound to U.K. consumers.
  • Pendo Systems targets the insurance sector with Pendo Machine Learning Platform.
  • InComm expands gift card assortment in grocery partners with new brand offerings.

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.