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Tracking fintech, banking & financial services innovations since 1994
Last week, the international fintech buzz was all about the booming investment in African startups. As you can see in our sub-Saharan Africa section below, that buzz continues as analysts wonder how African fintechs can best leverage their good financial fortunes of late.
But this week, it’s all about Latin America as fintechs from Mexico to Argentina lock in triple digit investments. What’s especially interesting is that two of the week’s biggest beneficiaries – Konfio and Uala – have the same participating benefactor in SoftBank.
The investment in Argentina’s Uala was the first time the Japanese-based firm had funded a company from Argentina, but not SoftBank’s first funding in the region. The firm invested $1 billion in Colombian delivery app Rappi in April of this year. SoftBank has a deeper history investing in Mexican startups, having funded payments startup Clip and used car buying platform Kavak. SoftBank is also especially active in Brazil; the firm led a $140 million round for the country’s e-commerce solution provider VTEX in November.
FinovateEurope Goes to Berlin!
It’s not too early to start thinking and planning for 2020 – especially with our first conference right around the corner in February.
After six years of basing our annual European fintech conference in London, Finovate is crossing the channel and setting up our stage in Berlin, Germany next year. Our new FinovateEurope location will also feature a new event format designed to ensure attendees maximize their time at the conference. Take a look at our developing agenda to see what we have in store February 11th through the 13th.
Here’s our weekly look at fintech around the world.
Singapore’s FinAccel, maker of Kredivo, raises $90 million in round led by Asia Growth Fund and Square Peg.
Maybank Group, the fourth largest bank by assets in Southeast Asia, goes livewith Avaloq’s banking suite.
South Korea announces plans to launch opening banking system before year’s end.
Vymobrings AI-powered sales coaching to insurance giant Sompo.
Can Africa’s fintech startups learn from the experience of M-Pesa? TechCrunch considers the opportunities now available thanks to recent positive funding trends.
A partnership between Smartstream and Union Systems will help African FIs digitize their post-trade environments.
QuartzAfrica takes a look at the “niche ecosystems” that are developing amid Africa’s rapidly expanding fintech industry.
Central and Eastern Europe
Berlin, Germany-based SME digital banking platform Penta teams up with SumUp.
First Investment Bank (Fibank) goes live with the first, PSD2-compliant, open banking platform in Bulgaria.
Tinkoff GDRs will be included in MOEX Russia indices next month.
Middle East and Northern Africa
Sudan’s Nile Bank is the latest FI to choose Oracle’s Flexcube core banking solution.
Temenosteams up with Egyptian National Post Organization.
Dubai Financial Services Authority inks fintech pact with Luxembourg’s Commission de Surveillance du Secteur Financier.
Central and Southern Asia
DriveWealthhelps Indian investors access U.S. stocks via new partnership.
Indian banking technology provider TCS Financial Solutions migrates three credit unions to a cloud-version of its TCS Bancs system.
Paysendintroduces worldwide money transfers to Uzbekistan.
Sri Lanka’s central bank examines the possibility of applying blockchain technology to streamline KYC processes for FIs.
Latin America and the Caribbean
Uala, a money management app from Argentina, raises $150 million in Series C round led by Tencent and SoftBank.
Mexican SME credit assessment specialist Konfio closes $100 million investment from SoftBank.
MercadoLibre picks up $125 million loan from Goldman Sachs.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Egyptian National Post Organization (ENPO) has selected Swiss technology firm Temenos and its T24 Transact core banking system, replacing 20 legacy systems in the process, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication).
T24 Transact will be deployed in the cloud alongside the vendor’s Infinity digital front office solution. Both will be used to underpin the firm’s drive to meet the Egyptian government’s financial inclusion initiatives.
ENPO has a network of 4,000 branches via its iPost, Post Express, and Post Cars channels. It provides financial services, including current and savings accounts, instant remittances, electronic collection with notification services.
Temenos said that it will be delivering a “single, packaged and upgradeable banking platform” and help EMPI create an “omnichannel, unified teller for all financial and non-financial services.”
“Egypt is a country of great importance for Temenos; we are the leading banking software provider serving over 12 banks in the country and have been in the region for over two decades,” said Andreas Andreades, executive chairman at Temenos.
Egypt’s National Financial Inclusion Initiative, sponsored by Egypt’s Government, aims to promote the use of digital financial services throughout the nation.
“Temenos is committed to enabling Egypt’s Digital Economy Transformation and Financial Inclusion program,” added Andreades. “We believe that ENPO’s end-to-end digital transformation will help them realize this digital vision and promote financial inclusion in Egypt.”
Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. The company is also an alum of our developers conferene, FinDEVrSiliconValley 2015, where it discussed the evolution of and opportunities in its B2B financial apps marketplace.
Danish challenger bank Lunar has chosen financial services software provider Temenos to tackle financial crime on its platform, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).
Ticking boxes such as watch-list screening and fraud prevention, as well as covering anti-money laundering (AML) and Know Your Customer (KYC) services, Temenos will deliver on its comprehensive security promise by integrating with Lunar’s core banking and payments technology.
The mobile-only banking app bought the product, which is called ‘Financial Crime Mitigation’ (FCM) and runs on the cloud, in a bid to “address stringent regulatory demands” and to safeguard its customers and reputation, said Temenos in a statement.
“As a challenger bank it is crucial for us to be in full control and create a scalable and agile setup in the Nordics,” said Lunar’s COO Morten Sønderskov, who says the bank’s choice to go with Temenos will get it “ahead of the curve in financial crime prevention”.
“We are building a Nordic bank from scratch and realizing our vision of becoming a financial Super App,” Sønderskov added.
Founded in 2015, Lunar now has more than 100,000 users and recently secured its European banking license from the Danish Financial Supervisory Authority. The fintech now has plans to extend its offering even further throughout the Nordics.
Temenos said more than 200 banks depend upon its FCM product now. “[We] proudly support the momentum of challenger banks around the world,” said Temenos’ MD for Europe Steen Jensen.
Temenos was founded in 1993 and is headquartered in Geneva, Switzerland. The company demoed its Connect Mobile Banking solution at FinovateEurope 2015. Temenos is also an alum of our developers conference, presenting a discussion on its B2B Financial Apps Marketplace at FinDEVRSiliconValley 2015.