Finovate Global: Braintri Wins App Prize; Featurespace in Singapore

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

  • Austrian division of private banking and asset management group, LGT, partners with Avaloq.
  • Bank of Lithuania announces updates to its position on virtual assets and ICOs.
  • IKO, the mobile app co-developed by Braintri for PKO Bank Polski, wins first place in worldwide ranking of mobile apps published by British Retail Banker International for second consecutive year.

Middle East and Northern Africa

  • Finastra brings its core banking technology to Saudi Arabia.
  • Cryptocurrency brokerage based in Kuwait, YallaBit, raises $925,000 in Series A.
  • Arabian Gazette highlights Bahrain’s Manama, Saudi Arabia’s Riyadh, as well as both Dubai and Abu Dhabi in the UAE in its look at Four Arabian Gulf Cities Where Fintech is Thriving.

Central and South Asia

  • Temenos acquires Bangalore-based big data and analytics firm, hTrunk.
  • National Bank of Pakistan introduces its first contactless debit card.
  • Anirban Mukherjee appointed CEO of PayU India.
  • QR code-based payment app BharatPe raises $17 million in round led by Sequoia Capital India.
  • Pan Asia Bank and TerraPay partner to provide instant cross-border payment access to bank accounts in Sri Lanka.
  • Halyk Bank teams up with Fiserv to centralize its cash management process.

Latin America and the Caribbean

  • Digital challenger bank C6 goes live in Sao Paulo, Brazil.
  • Mexico looks at the possibility of forming a digital payments system, run by the central bank, to help make financial services more accessible for the underbanked.
  • features Argentine digital challenger bank, Wilobank.


  • Ping An’s fintech subsidiary OneConnect sets up shop in Indonesia.
  • Hong Kong Exchange acquires minority stake in Shenzhen-based fintech.
  • Featurespace goes live in Singapore.

Sub-Saharan Africa

  • South African digital lender Payabill announces equity stake investment from Johannesburg-based business challenger bank, Sasfin.
  • Kenyan Capital Markets Authority Chief Executive Paul Muthaura speaks about the need for a “conducive environment” for fintech innovation in the country.
  • Nigerian Lagos state government to launch e-procurement platform within the next three weeks.

Top image designed by Freepik

Now a Temenos Company, Avoka Unveils Workspaces for Retail Banking

Workspaces for Retail Banking is the first offering from digital customer experience specialist Avoka since the company was acquired by fellow Finovate alum Temenos in a $245 million deal in December.

A new module within the Temenos Infinity product, Workspaces gives professionals at retail banks and credit unions a digital review and approval workspace to provide better support and service during customer account opening and onboarding.

The new solution will be especially helpful for financial services professionals when dealing with applications submitted via Straight Through Processing (STP) that can neither be immediately approved or declined. Workspaces is built to improve the efficiency and productivity of the resolution process necessary to manage these pending applications, helping bank staff avoid delays and negative customer engagement.

“Orchestrating a fast, accurate and collaborative decisioning process is a critical aspect of an applicant’s customer journey,” Steve Demchuk, Chief Product Officer for Avoka, a Temenos Company, explained. “We validated this as an important problem to solve for our bank and credit union customers as they look to remove costly delays in account acquisition.”

Demchuk added that making application review and live customer service a part of the digital account opening process – instead of relying on separate systems – was a major innovation with Workspaces. “This is key to providing excellent service to prospective customers,” he said.

A multiple time Finovate Best of Show winner, Avoka demonstrated its digital account opening solution, Transaction Insights, at FinovateEurope 2017. With offices in Denver, Colorado, as well as London, England, and Sydney, Australia, Avoka had digitized more than 100 million transactions for more than 150 clients around the world.

With customers in more than 145 countries, Temenos introduced its Connect Mobile Banking application at FinovateEurope 2015. The company announced a partnership with Credorax earlier this week, helping the payments firm provide SME, merchant acquiring, and cross-border payment services. Also this month, Temenos partnered with Bloomberg to help provide contingency net asset value )NAV) calculations to buy-side institutions.

Headquartered in Geneva, Switzerland, Temenos was founded in 1993.

Finovate Alumni News


  • Ephesoft Helps Businesses Leverage the Cloud to Meet Demand.
  • Now a Temenos Company, Avoka Unveils Workspaces for Retail Banking.

Around the web

  • Onfido forges partnership with PensionBee.
  • Portugal’s Banco CTT to leverage technology from Fiserv to fight money laundering.
  • Lendio announces providing more than 5,000 Kiva loans to support women-owned businesses.
  • NCR unveils its EMV-integrated Equinox Luxe devices for NCR Connected Payments, giving a secure payment route for retailers.
  • Hooyu to provide online verification for mobile egaming operator, Small Screen Casinos.

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.

Credorax Partners with Temenos to Enhance Payment Services

Credorax, a payments company, has selected Temenos T24 Transact, deployed on the cloud, to provide SME, merchant acquiring and cross-border payment services, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The firm has created an API-centric technology ecosystem with the Temenos open banking platform running on Microsoft Azure.

Temenos was the first banking software provider to launch a cloud offering running on Azure and since 2011, T24 Transact has been available as a managed service on the Temenos Cloud.

T24 Transact is part of Temenos’ new batch of products announced earlier this month.

Now, Credorax is a fully-fledged European commercial licensed bank via the Malta Financial Services Authority, and offers a suite of services, including fraud detection and local processing.

Steen Jensen, managing director – Europe, Temenos said: “With T24 Transact, Credorax can capitalize on real-time flexible technology today, as well as have a foundation for future growth.”

“We want to provide the scalability necessary to dominate the financial services industry and couple that with versatile and innovative cloud services,” added Moshe Selfin, COO of Credorax.

Credorax’s move into cloud-based banking was motivated by the introduction of PSD2, according to the firm.

Founded in 1993 and headquartered in Geneva, Switzerland, Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. More than 3,000 companies around the world, including 41 of the top 50 banks, leverage Temenos’ technology to support the transactions of more than 500 million bank customers.

Finovate Alumni News


  • CuneXus Starts New Year Signing its 100 Customer.
  • Credorax Partners with Temenos to Enhance Payment Services.

Around the web

  • Zurich Topas Life, part of Zurich Group, selects Vymo as its sales productivity solution.
  • Modo powers new loyalty solution from FIS, Pointopia.
  • Baker Hill announces major 2018 milestones.

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.

Temenos Teams Up with Bloomberg to Boost Buy-Side Oversight

Temenos is partnering with Bloomberg to deliver contingency net asset value (NAV) calculations to buy-side institutions, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The company will make its Temenos Multifonds Global Accounting product accessible via the Bloomberg Terminal, so it operates with data, analytics, and other investment workflow services Bloomberg offers.

According to the firms, this offering allows asset managers to generate NAV estimates independent of and in parallel to their fund administrators, enabling “accurate daily oversight,” and ensuring continuity of operations in the event of outages.

“By combining Temenos’ distinctive accounting capabilities with Bloomberg’s data and services, we will provide asset managers with a more comprehensive investment lifecycle workflow, support their relationships with fund administrators, and pave the way to deliver additional innovative solutions to buy-side institutions in the future,” said Jean-Paul Zammitt, global head of financial products, Bloomberg.

“We will offer an easy, plug and play solution with a low TCO, starting with NAV oversight and contingency through Bloomberg’s Terminal customers, with a view to unlocking further opportunities into the front and middle office over time,” added Max Chuard, Chief Financial Officer and Chief Operating Officer for Temenos.

Initially focused in the U.S. and Europe, Bloomberg hopes to build relationships within the buy-side industry to provide sales, marketing, and services support. Temenos hopes this opens up new business opportunities.

NAV calculations can be impacted by errors and outages with detrimental results for a firm’s fund operations, performance and reputation. Delivered via Bloomberg, this solution delivers shadow NAV oversight, with no need for onsite infrastructure or associated overhead.

The firms said this gives asset managers and other buy-side institutions a way to validate calculations provided by third-party fund administrators, combining Bloomberg’s buy-side reach and Temenos’ fund accounting software.

Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. Founded in 1993 and headquartered in Geneva, Switzerland, the company is also an alum of our developers conference. Temenos presented its B2B Financial Apps Marketplace at FinDEVr Silicon Valley 2015.

Finovate Alumni News


  • Finding Fintech’s Future in Emerging Europe.
  • Vymo Joins Bangkok Bank Accelerator Program.

Around the web

  • Temenos forges strategic collaboration with Bloomberg.
  • Optimove unveils Streams, a new solution to help measure the impact of marketing campaigns.
  • Entersekt adds digital identity and business development expert, Jennifer Singh.
  • Former head of trade and supply chain finance at Finastra David Hennah joins iGTB.

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.

PayPal Chooses Core Banking Technology from Temenos

PayPal has selected Temenos T24 core banking system, delivered in the cloud, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The system will support several of PayPal’s businesses across multiple geographies, namely the U.S., U.K., Germany, and Australia.

Temenos said this signing is important for the firm, as it highlights its momentum in the U.S. market with banks and disruptors. Earlier this year, it inked two deals with U.S. banking challengers, Varo Money and Grasshopper Bank.

It is understood that PayPal was first looking to get a new core system back in 2014, but halted the project as it spun off from eBay.

At that time, it was considering the FIS Profile system, according to FinTech Futures’ sources. (Incidentally, FIS has recently beat Temenos to a core banking tech deal at MUFG Union Bank in the U.S.)

In other recent news, the U.K.’s Competition and Markets Authority (CMA) is snooping around and says that PayPal’s takeover of Swedish start-up iZettle could lead to higher prices or reduce the range of services for customers.

Elsewhere, Volt, a new challenger bank in Australia, recently went live on Temenos T24. Happy days for the supplier.

PayPal made its most recent Finovate appearance at FinDEVr Silicon Valley 2014, presenting a workshop titled Making Payments Fun and discussing its PayPal/Braintree Developer program. Temenos is also an alum of our developer’s conference, introducing its B2B Financial Apps Marketplace as part of FinDEVr Silicon Valley 2015.

Both PayPal and Temenos have demonstrated their technologies on the Finovate stage: PayPal at FinovateEurope 2012 and Temenos at FinovateEurope 2015.

Finovate Alumni News


  • De Novo for the New Year: Mi BANK Teams Up with Fiserv.

Around the web

  • Sberbank enables users of its Sberbank Online app for Android to apply for loans without visiting a bank office.
  • National Bank of Kuwait (NBK) unveils SWIFT Global Payments Innovation (gpi) services courtesy of partnership with ACI Worldwide.
  • PayPal chooses Temenos T24 core banking in the cloud to support its operations in the U.S., the U.K., Germany, and Australia.
  • Russian MVNO Tinkoff Mobile now covers 43 regions.
  • Ping Identity reports that the top 12 U.S. banks by assets use its Ping Intelligent Identity Platform.

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.

Neobank Volt Goes Live with Temenos Core Banking Technology

Australian challenger Volt Bank has gone live with Temenos T24 core banking system, financial crime mitigation and analytics on the cloud, reports Henry Vilar of FinTech Futures (Finovate’s sister publication).

This will enable Volt Bank to accelerate the deployment of its banking products.

The bank said that “the agility, scalability and security” of the Temenos software running on the Temenos Cloud combined with the Temenos Australian Model Bank approach provided pre-configured country-specific functionality.

Martin Frick, managing director for APAC at Temenos, said: “By combining our Australian Model Bank functionality with the latest cloud technology, we were able to rapidly deploy a next generation banking solution for Volt Bank which will enable the bank to deliver experiences to challenge the status quo.”

Volt Bank uses Temenos and Microsoft Azure cloud technologies and aims to drive an API architecture for quick time-to-market and integrations, as open banking regulation aims to hit Australia in 2019.

In May 2018, the Australian Prudential Regulation Authority (APRA) granted Volt Bank the first restricted authorized deposit-taking institution (RADI) license in Australia. Temenos has since worked with the bank to help it meet its regulatory obligations.

Recently, Isracard , a credit card firm, also signed up for Temenos.

Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. Founded in 1993 and headquartered in Geneva, Switzerland, Temenos acquired fellow Finovate alum Avoka earlier this month in a deal valued at $245 million. More than 3,000 companies around the world, including 41 of the top 50 banks, use Temenos’ solutions to process the daily transactions of 500+ million banking customers.