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 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 Alumni News

On Finovate.com

  • ID.me Offers Retailers Eligibility Verification for Discount Programs.

Around the web

  • Bill.com announces its automated international business payments solution, piloted in July, is now generally available.
  • Finastra’s former chief digital officer, Balazs Vinnai, joins W.UP as an investor and president.
  • ZeroReveal, the security solution from data-in-use cybersecurity specialist Enveil, earns international Common Criteria security certification.
  • Thailand’s Bank of Ayudhya chooses NICE Actimize to transform its AML compliance capabilities.
  • ACI Worldwide introduces new offerings to enable banks to take advantage of SWIFT’s global payments innovation (gpi) service.
  • Sberbank launches new Seven Minute loan offering for large businesses.
  • Thomson Reuters teams up with augmented intelligence solution provider, Squirro.

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.

Sberbank Partners with 500 Startups to Launch Russian Fintech Accelerator

Sberbank and international accelerator 500 Startups are launching a joint development programme for Russian IT start-ups, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Their areas of interest cover a lot. It’s not just fintech but start-ups working in e-commerce, cloud B2B services, internet of things (IoT), big data, machine learning, artificial intelligence (AI), VR/AR, robotics, cybersecurity, and blockchain.

Lev Khasis, first deputy chairman of the executive board of Sberbank, said: “It is important that our joint project is focused on selecting Russian start-ups and allows American companies to take part in the selection. There has been nothing similar to this in Russia before.”

The 25 strongest teams will be selected for the accelerator. Each start-up will receive seed investment of up to RUB 10 million ($145,000) and the “possibility” to promote their product in ecosystems of Sberbank and corporations that are partners of the accelerator. Each team will discuss their investment provision individually.

At the first stage, the teams will work on start-ups in Moscow for nine weeks. The mentors of the teams will be from 500 Startups: they will hold lectures and seminars and provide individual consultations. The final stage of the accelerator will be a demo day where managers from Sberbank, private venture investors and representatives of funds will choose the seven best start-ups.

The winners of the Moscow stage will be sent to Silicon Valley. There, the start-ups will learn about international business practices and develop their products. Then, they will present their projects at a demo day in San Francisco to Russian and foreign investors and large companies.

Start-ups from all Russian regions can submit applications until 6 October 2018. Teams that want to participate in the programme should have a minimum viable product, some clients, and be registered in Russia.

The programme is expected to run for thirteen weeks. You can apply here.

Sberbank demonstrated its messenger solution at FinovateSpring 2016. Founded in 1841, the Russian bank now serves more than 110 million clients, or 70% of the country’s population.

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.

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.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • PaySimple Adds New Integrations for Targeted Email Marketing.
  • Deutsche Bank Takes Equity Stake in Modo Payments.

Around the web

  • US Alliance Group looks to Fiserv Debit Gateway and Accel Network partnership to support growth.
  • Xero opens new Americas HQ in downtown Denver.
  • Sberbank becomes Founding Partner of World Economic Forum Centre for Cybersecurity.

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

  • 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.

Top image designed by Freepik

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.

Middle East and Northern Africa

  • Turkey’s Albaraka Turk introduces interest-free digital banking app designed for Europe’s Muslim community.
  • National Bank of Bahrain launches digital payment and trade finance portal.
  • Ziraat Bankası KSA, a Saudi Arabian subsidiary of Turkish banking Group Ziraat, upgrades its core banking system to Temenos T24.

Central and South Asia

  • JP Morgan establishes Financial Inclusion Lab in partnership with the Indian Institute of Management Ahmedabad’s Centre for Innovation, Incubation and Entrepreneurship (CIIE).
  • India Post Payments Bank (IPPB) scheduled for August launch with core banking technology from Infosys Finacle.
  • City Bank unveils end-to-end digital supply chain finance facility in Bangladesh.

Latin America and the Caribbean

  • EBANX and Wordline partner to launch new debit card payment option for Spotify Brazil.
  • Brazil’s Zen Finance to offer $1 billion in working capital to SMEs courtesy of funding from BRL Trust and BRZ Investments. In Portuguese.
  • Crypto Insider sees a lot to like in Mexico’s fintech industry.

Asia-Pacific

  • United Overseas Bank plans digital-only bank to appeal to South East Asia’s mobile-first consumers.
  • Australian challenger bank Judo Capital raises $140 million in funding.
  • Singapore Ministry of Education launches IBF Careers Connect to help train and retrain financial professionals.

Sub-Saharan Africa

  • Central Bank of Nigeria (CBN) develops risk-based cyber security framework for banks and PSPs.
  • Absa Group of South Africa launches WhatsApp banking.
  • Nigeria’s Paylater reaches one million download milestone for its financial services app.
  • Pan-African banking group Ecobank names finalists for its annual fintech challenge competition.

Central and Eastern Europe

  • Cryperium Releases Crypto-Fiat Solution.
  • Sberbank Group CTO David Rafalovsky selected to lead Sberbank’s Technology Block.
  • IBM Ukraine wins bid to develop information technology for NJSC Naftogaz Ukrainy.
  • Google Pay arrives in Croatia, making it the third CEE country to gain support for the technology.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Zopa Raises More than $57 Million to Support Next Generation Bank.
  • Mitek Helps Bring Mobile Deposit to Credit Unions.
  • Crypterium Releases Crypto-Fiat Solution.

Around the web

  • Sberbank Group CTO David Rafalovsky selected to lead Sberbank’s Technology Block.
  • BlueRush announces new Chief Financial Officer, Dave Badun.
  • Thomson Reuters adds Dealerweb and Icap pricing to its Reuters Capital Markets 19901 service.
  • MEDICI features Ayasdi, Feedzai, FixNix, IdentityMind Global, BehavioSec, and identitii in its roster of top RegTech startups.
  • Bankjoy to power mobile and online banking for Marshland Federal Credit Union.

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.

Asia-Pacific

  • Chinese fintech solutions provider Pintec files $70 million IPO.
  • Shwe Rural and Urban Development Bank in Myanmar partners with JMR Infotech to better scale its online services.
  • Hong Kong banks team up to launch blockchain-based trade finance platform.

Sub-Saharan Africa

  • The Fintech Association of Nigeria celebrates its first anniversary.
  • Disrupt Africa looks at a pair of investments in Nigerian fintechs: CowryWise and Bitcoin Africa.
  • SophiaTX and South Africa’s ArkTree announce new strategic alliance to expand the global reach of blockchain technology

Central and Eastern Europe

  • Hungarian bank MKB, the fourth largest commercial bank in the country, deploys Oracle Flexcube to streamline operations.
  • Open banking platform innovator Token announces that its technology has been implemented by Sberbank in Slovenia.
  • Israel-based cashless payments solution and management platform Nayax opens office in Lithuania.

Middle East and Northern Africa

  • Jihad Azour, Director of IMF Middle East and Central Asia, delivers a speech at the Arab Economic Forum in Lebanon: Promoting the Inclusive Growth Agenda in the Arab Region.
  • Saudi Arabia grants its first set of fintech licenses to a pair of Saudi crowdfunding platforms, Manafa Capital and Scopeer.
  • Dubai International Financial Centre (DIFC) notes a strong start in 2018 with the number of active registered companies climbing by 8%.

Central and South Asia

  • Study from JP Morgan looks at the untapped opportunities in the Indian fintech space.
  • FSS introduces FSS eFinclusiv, a financial inclusion solution geared toward serving the underbanked in India.
  • Russia’s National Settlement Depository to connect Kyrgyzstan’s Bank of Asia to SWIFT.

Latin America and the Caribbean

  • El Cronista interviews Rafael Hernandez, senior partner of fintech at Village Capital, on business opportunities in Buenos Aires, Argentina. In Spanish.
  • Brazilian online broker Toro Investmentos begins operation this week.
  • Bank of Asia goes live as the first digital bank in the British Virgin Islands.

Top image designed by Freepik

Sberbank in Slovenia Partners with Open Banking Platform Provider Token

By partnering with Token.io, the open banking platform provider based in San Francisco, California, Sberbank in Slovenia is signaling more than just its compliance with PSD2. Instead Slovenia’s seventh largest bank seeks to move beyond PSD2 compliance and toward a full embrace of open banking.

“Our choice to work with Token reflects our commitment to shaping a new era of banking and payments,” Aleš Zajc, Deputy CEO in charge of retail banking for Sberbank in Slovenia, said. Zajc added that the technology would enable the bank to provide customers with a better, safer experience. “With Token’s frictionless authentication programmed into each transaction,” Zajc said, “we will be able to increase payment speed and convenience without ever compromising on security.”

Token enables banks to issue and redeem payment and account data authorizations as programmable smart tokens. Smart tokens are unique to the transactions they represent, and because account information is never transmitted beyond the bank, the technology helps minimize security risks. Not only does this make Token’s technology an ideal deployment for banks looking to meet PSD2 requirements, smart tokens can also serve as the basis for faster, more secure online transactions for customers.

“Token offers the industry’s simplest and most secure transaction-based open banking API, which will provide Sberbank Slovenia quicker data aggregation and direct payments driven by Smart Token technology,” Token CEO and founder Steve Kirsch explained. “Crucially, our cloud-based platform will give Sberbank both flexibility and scalability when creating and handling transactions.”

Token’s news comes one month after the company announced that it would facilitate direct payments for cross border payments platform and fellow Finovate alum, Caxton. Also last month, the company completed the first Payment Initiation Service Provider (PISP) to complete an end-to-end payment via a public bank API. In May, Token was granted FCA authorization for open banking payment and information services, and partnered with Paymentworld Europe to enable direct payments for the Malta-based electronic money institution.

Founded in 2015, Token demonstrated its technology at FinovateEurope 2017. With $18.5 million in funding, the company includes EQT Ventures, OP Financial Group, Octopus Ventures, and Plug and Play among its investors. Check out our conversation on open banking and PSD2 with Token’s VP of Marketing, Marten Nelson, from earlier this year.