ACI Invests in Indian Payments; Brazilian Fintech Picks Up $200M from Japan

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 Southern Asia

  • ACI Worldwide invests in Mumbai, India-based payments innovator, Mindgate Solutions.
  • Pakistan’s Bank of Khyber to deploy new core banking system from Temenos.
  • Infosys earns recognition as a ‘leader’ in the IDC MarketSpace: Worldwide IT Service Management (ITSM) Implementation Services 2019 Vendor Assessment.

Latin America and the Caribbean

  • Brazilian fintech Creditas picks up $200 million investment from Japan’s Softbank, boosting the company’s valuation to $700 million.
  • Crowdfund Insider reveals the 3 Biggest Fintech Trends Shaping Latin America.
  • Amero-Isatek to open its first brick and mortar cryptocurrency exchange in Mexico’s Nuevo Leon, Monterrey.

Asia-Pacific

  • Splitit partners with EFTPay to bring installment payments to merchants in Hong Kong and Macau.
  • Vietnam’s MSB (Maritime Bank) picks SunTec for its customer centricity system.
  • Morocco-based BMCE Bank of Africa to leverage technology from Temenos to drive new corporate banking and trade finance operation in China.

Sub-Saharan Africa

  • Global Finance investigates the rise of Africa’s entrepreneurial class in the private banking industry.
  • Finextra looks at three reasons why fintech is driving change in Africa.
  • Standard Bank introduces new Mastercard-powered ditital trade solution, SimplyBlu, for SMEs in South Africa.

Central and Eastern Europe

  • Wallet, the PFM app from Prague-based fintech BudgetBakers, earns license from Czech National Bank to join the bank’s APIs.
  • New lending platform for “multi-credit” services, Omnicredit, goes live in Romania.
  • Global Finance interviews Alexey Krgulov, Acting Director of Digital Business Platform with Sberbank.

Middle East and Northern Africa

  • Turkey’s Isbank partners with Russian PSP Yandex.Checkout to support e-commerce between the two companies.
  • Disrupt Africa features MerQ, an Egyptian startup that leverages AI to promote financial literacy.
  • AMEinfo publishes its report on banking and fintech in the Middle East and Africa.

Top image designed by Freepik

Temenos Teams Up with Eurobank, Bank of Khyber

Eurobank Group is to overhaul its core and digital banking with Temenos’ T24 Transact and T24 Infinity, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).

The project will cover the group’s international operations. It will start in Cyprus, with the intention of swiftly moving on to Eurobank Private Bank Luxemburg, with Eurobank Bulgaria AD (Postbank) and Eurobank AD Beograd (Serbia) also on the roadmap.

The project comprises a full IT renovation program. The bank has also taken Temenos’ WealthSuite for Cyprus and Luxembourg, with the aim of reducing time-to-market for new products and services and improving automation of its private banking operations.

Also in the mix is Temenos Analytics to support Eurobank’s marketing campaigns. Development tools, which will use the T24 APIs, are intended to speed up building and deploying applications around the core.

In terms of the initial project in Cyprus, Stavros Ioannou, deputy CEO and group COO, Eurobank, said: “We look forward to this cooperation, as this is the first stage in the wider implementation of Temenos banking software across the group.” He described the project as supporting the bank’s “vital digital transformation journey” which is intended to shape “advanced relationships” and provide customers with “high quality service and a vast variety of innovative and tailor made products.”

The bank currently uses a range of legacy international and Greek packages, including Oracle FSS’s Flexcube in Serbia and CSoft’s VCSBank++ in Bulgaria, FinTech Futures understands. The holding group is Greece-based EFG Eurobank Ergasias.

Founded in 1993 and headquartered in Geneva, Switzerland, Temenos participated in our developers conference, FinDEVr Silicon Valley, in 2015. The company is also an alum of our Finovate conferences, demonstrating its Connect Mobile Banking solution at FinovateEurope – also in 2015.

In other Temenos news, the company announced a partnership with Pakistan-based Bank of Khyber, which will also deploy Temenos’ T24 Transact and Infinity solutions.

National Data Consultants (NDC), Temenos’ partner in the region, was selected as the system integrator for the project.

Government-owned Bank of Khyber embarked on new core banking software search in 2018, as reported by FinTech Futures, looking for new tech to support its network of 166 domestic branches (including 84 Islamic banking branches).

Temenos and NDC were selected “after a thorough due diligence process,” according to Muhammad Azfar Latif, CIO, Bank of Khyber.

“We hope to turn this bank as a model for other industry players locally and internationally,” he said.

Saif Ul Islam, MD and CEO, Bank of Khyber, believes the new technology will enable the bank “to have a strong footing on the digital platforms.” It also meets “the bank’s strategic long-term plans in increasing operational efficiency,” he added.

Jean-Paul Mergeai, MD, Temenos Middle East and Africa, said Bank of Khyber has become the thirteenth bank in Pakistan to join the vendor’s client list. Other T24 Transact users in the country include Khushhali Bank, State Bank of Pakistan, Silkbank, Soneri Bank, and Meezan Bank.

Finovate Alumni News

On Finovate.com

  • BeSmartee Unveils New Mortgage TPO Platform.

Around the web

  • Identitii is now a ‘Co-Sell Ready’ partner for Microsoft.
  • Feedzai launches tools to help banks offer account opening solutions with fraud prevention.
  • Bankingblocks leverages Five Degrees’ Matrix solution as its digital core banking platform.
  • Eurobank Group selects TemenosT24 Transact for its subsidiaries.
  • Insuritas Launches Tucson Federal Insurance Agency for Tucson FCU.
  • Former Mastercard executive David Yates joins Yoyo as chairman.
  • AlphaPoint names co-founder Igor Telyatnikov as its new CEO.

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.

Qatar Backs SoFi; Ripple Powers Cross-Border Payments in Brazil

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

  • SoFi announces $500 million investment led by Qatar.
  • Emirates NBD to leverage technology from Amazon Web Services to build an AI-enabled “bank of the future”.
  • New partnership between Turkey’s Isbank and Yandex.Checkout to support transactions in rubles for Russians shopping online in Turkey.

Central and Southern Asia

  • Strands strikes digital banking deal with India’s Tech Mahindra.
  • BankBazaar to offer financing options for customers of furniture and home products marketplace Pepperfry.
  • Amitabh Kant, CEO of Niti Aayog, a premier think tank of the Indian government, sees a $31 billion Indian fintech market by 2020.

Latin America and the Caribbean

  • Brazilian exchange brokerage, Frente Corretora de Cambio, goes live with cross-border remittance solution powered by Ripple technology.
  • World Finance features Sao Paulo among its Top 5 Emerging Fintech Hubs.
  • IMFBlog looks at how fintech can lower remittance costs in Latin America.

Asia-Pacific

  • The central bank of Indonesia, Bank Indonesia, unveils its Quick Response Indonesia Standard (QRIS), a new QR code system.
  • Mastercard and UOB partner to introduce the UOB Retail Business Metal Card designed for APAC SMEs.
  • B2B cross border payments company TransferMate picks up payment license in Singapore.

Sub-Saharan Africa

  • Ghana’s ARB Apex Bank reups with Temenos.
  • Titan Trust Bank of Nigeria chooses Oracle FSS for its core and digital banking technology.
  • CNBCAfrica profiles South African payments and merchant acquiring solutions provider Crossfin.

Central and Eastern Europe

  • Lithuania fintech Paysera goes live in Romania.
  • Polish “credit of fintech-as-a-service” innovator Symmetrical.ai raises $1.5 million (€1.3m) in funding.
  • Billon Solutions and Microsoft announce partnership with the University of Warsaw to develop academic use cases for DLT technology.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Dashlane Raises $110 Million for Password Security.
  • Strands Strikes Digital Banking Deal with Tech Mahindra.

Around the web

  • Paysend to launch crowdfunding campaign on Seedrs.com.
  • Ghana’s ARB Apex Bank reups with Temenos.
  • Exate Technologies joins OpenFin’s fintech ecosystem.
  • Forbes: PayPal’s Latest Milestone: $10 Billion In Small Business Loans.
  • Atlanta Small Business Network looks at how Fiserv delivers fraud prevention across the globe.

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.

Brazil-Mexico Fintech Bromance Continues; Iran to Build Blockchain Network

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

  • FintechOS of Romania raises $1.23 million (€1.1 million) in post-seed funding.
  • Elvira Nabiullina, head of the Central Bank of Russia, talks about the state of Russian fintech.
  • Lithuania’s Evarest to launch a stock trading app in the second half of the year.

Middle East and Northern Africa

  • B.R. Shetty’s BRS Ventures Investment backs Dubai-based NewBridge Fintech Solutions.
  • A partnership between Alipay and Turkish payment platform ininal will help Chinese shoppers transact with Turkish merchants.
  • Iran to develop national blockchain network based on IBM Hyperledger Fabric.

Central and Southern Asia

  • Indian B2B payments firm PayMate announces plans to expand to the Middle East
  • Nepal Rastra Bank, the central bank of Nepal, bans Chinese digital wallet Alipay and WeChat Pay over foreign currency earnings concerns.
  • Myanmar’s Global Treasure Bank (GTB) implements Infosys Finacle’s core banking solution.

Latin America and the Caribbean

  • The fintech relationship between Mexico and Brazil grows stronger as Startup Mexico opens its first overseas campus in Sao Paulo.
  • The Association of Fintech Companies of Chile (FinteChile) reports on the “four pillars” of Chilean fintech: Talent, Capital, Regulation, and Demand.
  • The Financial Times looks at Brazil’s Nubank and its efforts to grow in the Mexican market.

Asia-Pacific

  • Temenos partners with UBX to bring digital banking to underserved communities in the Philippines.
  • Singapore-based cross-border payments firm Instarem teams up with Thailand’s KBank.
  • Bank of Shanghai and OCBC deepen strategic partnership.
  • Boku integrates with digital payments solution Grab in order to expand payment options in Southeast Asia.

Sub-Saharan Africa

  • Equities.com features Flutterwave, the company that designed the payments platform for newly-public African e-commerce startup Jumia.
  • Nigeria’s OPay Mobile Money solution reaches 20,000 agents.
  • Safaricom teams up with Vodacom to acquire intellectual property rights to M-Pesa’s mobile financial service platform.

Top image designed by Freepik

UBX and Temenos to Deliver Inclusive Digital Banking to Philippines

Banking technology vendor Temenos is partnering with UBX to deliver digital banking to millions of unbanked and underserved customers in the Philippines, reports Jane Connolly of Fintech Futures, Finovate’s sister publication.

The fintech subsidiary of UnionBank of the Philippines, UBX has developed a range of plug-and-play services to help rural banks reach customers in remote communities.

These include the blockchain-based i2i turnkey solution, which connects rural banks to each other and to the Philippines’ main financial networks.

Having partnered with Temenos, UBX can now offer core banking software to its partner financial institutions, through Temenos T24 Transact.

Temenos says its cloud-native, cloud-agnostic, API-first banking software will provide greater levels of agility and scalability for rural banks, cooperatives and microfinance institutions.

“At UBX, our mission is to build platforms that bring businesses and people together,” says John Januszczak, CEO of UBX. “As part of that, we provide access to needed technology and services while connecting communities.

“The rural banking community in the Philippines has been championing financial inclusion for decades. Temenos will help us provide the most tailored, innovative and advanced core banking solution to our rural banking customers.”

The partnership aims to deliver digital banking to millions of people over the next five years.

Founded in 1993, Temenos debuted its Connect Mobile Banking application at FinovateEurope 2015 in London. With clients in 145+ countries, Temenos employs more than 4,600 people in 63 offices. The company has a market capitalization of $12.5 billion.

Finovate Alumni News

On Finovate.com

  • Infosys to Power GTB’s Digital Strategy in Myanmar.
  • UBX and Temenos to Deliver Inclusive Digital Banking to Philippines.
  • Fortress Identity Teams with Visa.

Around the web

  • Chain.de interviews Bitbond CEO Radoslav Albrecht.
  • Persistent Systems recognized as an Innovator in Avasant’s Internet of Things Services RadarView Report.
  • Daily Entrepreneur interviews NestReady’s CRO Marcos Carvalho.

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

  • Checkbook Teams Up with Event Management Platform Castifi.
  • TransferWise Doubles Valuation with $292 Million Funding.
  • Bill.com Unveils New Intelligent Business Payments Platform.

Around the web

  • CardFlight partners with payment solutions provider Talus.
  • Revolut introduces social savings solution, Group Vaults.
  • Plaid unveils its easy integration toolkit, Plaid Direct.
  • Temenos forges partnership with UBX, the fintech subsidiary of Philippines-based UnionBank.
  • Wipro develops blockchain-based payment solution for Travacoin.

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

  • Onfido Delivers ID Verification to Mobility-as-a-Service Firm Drover.
  • Segmint powers data analytics for Buzz Points.

Around the web

  • Paysend announces its new stablecoin will be available on the Stellar Network in June.
  • LoanScorecard forges partnership with Calyx Software, merging its SimpleCECL solution with Calyx’s Path LOS.
  • Digital Onboarding will join Best of Show winners Voleo and Neener Analytics as part of the fourth annual FIS Fintech Accelerator program.
  • Chartis Research recognizes FICO as a category leader in AI for Financial Services.
  • Judo Bank of Australia goes live with Temenos’ T24.
  • Xero launches new feature in the Xero Projects iOS app that suggests project time based on geolocation

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.