Finovate Alumni News

On Finovate.com

  • IdentityMind Webstore Helps Businesses Integrate Compliance Solutions

Around the web

  • Fiserv launches digital account opening and loan origination platform, Originate.
  • Standard Chartered announces new chief operating officer, David Whiteing.
  • Coinbase to support new cryptocurrency pairs for GBP: ETH-GBP, ETC-GBP, LTC-GBP, and BCH-GBP.

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.

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

Standard Chartered Pilots Blockchain-Based Trade Guarantees

You’ve heard of smart contracts–but what about smart guarantees? That’s what London-based banking giant Standard Chartered is setting out to do: leverage the blockchain to alter the traditionally paper-intensive process of trade finance guarantees.

The bank has partnered with the financing arm of Siemens and digital trade provider TradeIX to fully digitize trade finance, from the initiation of the guarantee to the handling of the claim. For its part, Siemens will digitize its entire guarantee process.

Michael Bueker, chief financial officer at Siemens called this move toward digitalization “an important step.” He added, “Especially at Siemens, as a digitalisation pioneer, this move is part of our strategic mission of going digital in all arenas. This will streamline our processes and make our trade finance operations smoother, faster, and more efficient.”

The project, which leverages the Corda Distributed Ledger and runs on the TradeIX application layer, launched in March. The group anticipates it will be fully completed by the end of this year. According to GTR, the bulk of the project will take place in the UAE, primarily with government entities.

Standard Chartered demonstrated at FinovateFall 2010. Earlier this year, the bank announced plans to apply for a virtual banking license in Hong Kong. Standard Chartered employs more than 86,000 people across 125 countries and has been in business for more than 150 years.

Finovate Alumni News

On Finovate.com

  • Standard Chartered Pilots Blockchain-Based Trade Guarantees.
  • Digital Onboarding to Enhance Customer Experience for Mariner’s Bank.

Around the web

  • NICE introduces Proactive Fraudster Exposure functionality to its Real-Time Authentication solution for call centers.
  • The Paypers features Onfido CEO Husayn Kassai on the role of technology in the transformation of UX.
  • Co-founder and CEO of comScore, Dr. Magid Abraham, joins Roostify’s board of directors.
  • AlphaPoint integrates with VerifyInvestor.com to provide clients with a new option for compliant investor onboarding.
  • Fortytwo Data opens its first international office in Kiev, Ukraine.
  • Insuritas to launch digital insurance agency platform for Eagle Community CU.
  • Quadient listed as a Top Customer Journey Mapping Vendor in Ovum Report.

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

  • Risk Ident to Help Universum Protect Retailers from Fraud.
  • Dorsum Unveils My Wealth Mobile App.
  • Ondot Introduces Digital Card Services Platform.

Around the web

  • NuData Security named a “Top 100 in Tech” by Business in Vancouver.
  • ThetaRay wins ATMIA’s Next Generation ATM Security Award.
  • Tuition.io to power student loan repayment benefits for Hulu employees.
  • Standard Chartered Bank announces intentions to apply for the virtual banking license.
  • Conversation.one is Amazon Alexa-Certified for Financial Institutions.
  • Flywire and UnionPay Partner to Take the Cost Out of Cross-Border Payments from China.
  • Yoyo introduces quarterly tracker to monitor customer activity in closed catering environments.
  • U.K.-based Business Leader magazine features Wealthify and YellowDog among its 32 South West Tech Businesses That Are Shaping the Future spotlight.
  • Unblu opens offices in London.

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

  • BioCatch and Experian Form Partnership.
  • Finovate Debuts: Icon Solutions’ Instant Payments Helps Keep Banks PSD2 Compliant.

Around the web

  • unblu receives European patent protection for 3rd generation co-browsing technology.
  • Bluefin Payment Systems earns EMV certification from First Data.
  • Payment solutions provider Buckaroo chooses AML solution from Fiserv.
  • Tech Loop interviews GMC Software Technology’s Michaela Rýdlová and Jan Růža.
  • Infosys recognized as “major player” in IDC MarketScape: Service Providers for EMA Utilities Vendor Assessment.
  • Quantopian to deploy order/execution management technology from FlexTrade.
  • BusinessWorld profiles BankBazaar and co-founder Rati Shetty.
  • Neener Analytics accepted into the Citibank WorldwideT4I Accelerator. Come see Neener Analytics at FinovateSpring on April 26  & 27.
  • Standard Chartered announces digital wealth advisory tool

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

  • Spiff Partners with Nordea Liv to Launch Mobile Savings App.
  • PayPal Acquires TIO Networks in $230 Million Deal.
  • Qumram’s Regtech Offering Lands $1.49 Million

On FinDEVr.com

Around the web

  • TransferWise announces integration with Facebook Messenger.
  • Valiant Bank to deploy new customer engagement platform from Backbase.
  • Thomson Reuters Labs’ latest data science lab opens in Singapore.
  • Malauzai reports record growth for 2016.
  • Santander’s VC arm invests undisclosed amount in Personetics.
  • Standard Chartered leveraging WeChat’s online payment gateway to launch e-commerce solution for corporates.

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

  • BioCatch Teams Up with Nuance Communications.

Around the web

  • Worldcore Payment Institution teams up with BioID and presents face recognition authentication at FinovateEurope 2017.
  • Standard Chartered launches banking API portal.
  • Tink now helps banks empower their customers to take control over their finances by leveraging the Tink platform.
  • NetGuardians joins Swiss academic institute HEIG-VD to develop fraud-seeking AI tools.
  • BioCatch brings continuous online and mobile authentication to Nuance Communications’ Security Suite solution.
  • Wealth Wizards launches New mobile version of Pension Wizard.
  • Virtual Piggy launches beta test of its mobile payment platform for children under 17.
  • iSignthis enters agreement to provide KYC services to Calforex and GoInterpay.
  • The Beast Apps joins Symphony Software Foundation.

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

  • “D3 Banking’s Platform Goes Live at First Tennessee Bank”
  • “Finovate Debuts: Overbond Leverages Technology to Reimagine Bond Issuance”

Around the web

  • Zopa applies for U.K. banking license.
  • AGS Transact enters strategic alliance with ACI Worldwide, bringing its Universal Payments platform to the Indian market.
  • Wipro extends partnership with ASG Technologies to enhance compliance for financial services companies around the world.
  • iSignthis expands its reach into bitcoin industry as partner Coinify ApS announces new partnership with Blockchain.
  • NCR to deploy its Pulse Banking app for operation management at Germany’s Sparkasse Jena.
  • ShopKeep ranks 116 on Deloitte’s Technology Fast 500.
  • Standard Chartered launches personalized investment tool for affluent clients.
  • Ping Identity becomes a Workday Certified Solution Partner.
  • TechCrunch reports: CrowdFlower forms a three-person scientific advisory board.
  • Bitcoin wallet company Blockchain is beta testing a new in-wallet purchase-option in partnership with payments-startup Coinify.
  • Kony enhances its Mobility Platform with launch of “Nitro” omnichannel technology.
  • Interactions launches voice biometrics for seamless caller authentication within its Intelligent Virtual Assistant.

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.

Ripple Technology Drives Invoice Trading Platform

Ripple_homepage_technology_Dec2015

Remember this spring when Ripple’s $28 million series A round overshadowed same-day news of the company’s expansion to Asia?

This week we learned that distributed-ledger technology from Ripple is driving a blockchain-based invoice trading platform built by Standard Chartered Bank, DBS Bank, and the Infocomm Development Authority of Singapore.

Ripple_stage_FS2013

Ripple CEO Chris Larsen demonstrated the Ripple protocol at FinovateSpring 2013.

“This custom solution was the result of a collaborative effort by many industry players with a wealth of experience in trade finance,” Chris Larsen, Ripple CEO said. “It is also on the forefront of the trending use of distributed financial technologies in the Asia-Pacific region.”

The platform, currently in proof-of-concept stage, converts invoices into digital assets on a distributed ledger. Parties involved get cryptographic identities, which enables the invoice information to be shared by banks (for example, to avoid duplicate financing) without revealing identifiable information.

This last issue is significant enough for FIs. But other potential applications of distributed-ledger technology like Ripple are already being considered. Talking with GTReview, Standard Chartered’s Gautam Jain, global head of digitization and client access for transaction banking, says the technology can also be extended to other trade instruments, such as bills of lading. “We believe that the assembly of all the various documentation and processing stages involved in a trade transaction can happen on a distributed ledger,” Jain told GTR. He added that he thinks the platform, which took six months to develop, can be commercialized in 2016.

Founded as Open Coin in 2012 and rebranded as Ripple in October, the company demonstrated the Ripple network at FinovateSpring 2013. Ripple is headquartered in San Francisco.