Finovate Global: Jumio Lands in Brazil; TurnKey Lender Raises Capital

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-based payment system operator and PSP Mobi Direct selects Worldline for its digital infrastructure platform.
  • State Bank of India partners with Hitachi Payment Services on joint venture to support digital payments in India. SBI also picked Financial Software and Systems to implement its “One Nation, One Card” digital payments program.
  • Inc42 lists 5 Trends in Fintech You Will See in 2019.

Latin America and the Caribbean

  • Jumio opens office in Brazil and operations center in Barranquilla, Colombia, as part of expansion into Latin America.
  • Mexico’s central bank turns to Amazon for public mobile payment system.
  • Banco Bolivariano of Ecuador deploys mobile banking technology from Diebold Nixdorf.

Asia-Pacific

  • TurnKey Lender locks in new investment from OSK Ventures.
  • United Overseas Bank (UOB) of Singapore launches its Smart Business Transformation Programme for SMEs in Thailand.
  • Malaysia’s Maybank introduces its e-wallet service for cashless payments.

Sub-Saharan Africa

  • Veridium teams up with Blue Turtle Technologies to drive deployment of biometric technology in Africa.
  • Nigeria’s United Bank for Africa (UBA) goes live in the U.K.
  • People’s Bank of Zanzibar launches new core banking system with technology from ICSFS.

Central and Eastern Europe

  • Russia’s Alfa-Bank joins Marco Polo Network to offer blockchain-based trade and supply chain finance services to its clients.
  • Kontomatik earns license from Bank of Lithuania to operate as an AISP in 11 EU countries.
  • Palestine Islamic Bank to deploy Temenos Infinity and Temenos T24 systems as part of its digital transformation efforts.

Middle East and Northern Africa

  • Al Taif Islamic Bank to deploy Sharia-compliant, core banking technology from Finastra, Fusion Islamic.
  • Working group supported by TheCityUK and Turkish stock exchange Borsa Istanbul launch joint effort to promote Islamic fintech solutions.
  • Scoop Empire looks at the UAE’s role in foster innovation in fintech, especially with AI.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • nCino Lands New Customers from Stockholm to Sydney.
  • TurnKey Lender Locks in New Investment from OSK Ventures.
  • CREALOGIX Helps Launch Mobile Banking for Hampden & Co.

Around the web

  • Fiserv inks partnerships with HealthCare First Credit Union and Portland Local 8 Federal Credit Union.
  • Kontomatik earns license from Bank of Lithuania to operate as an AISP in 11 EU countries.
  • Palestine Islamic Bank to deploy Temenos Infinity and Temenos T24 systems as part of its digital transformation efforts.
  • ThetaRay and HackerOne named to Network World’s 10 Security Startups to Watch.
  • Retail finance technology provider Deko teams up with Featurespace to enhance security on its lending platform.
  • Onfido announces partnership with INTERPOL to help the international police organization better spot fraudulent IDs.
  • CAP Services chooses Baker Hill to support its lending initiatives for small businesses and low-income individuals.

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: Vymo Launches in Vietnam; ZagTrader Helps FIs Go Crypto

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

  • ZagTrader and BeQuant team Up to help institutions go crypto.
  • Temenos partners with Saudi Arabia’s Al Rajhi bank.
  • Emirates NBD to work with Intellect Design Arena for a planned digital transformation of its transaction banking platform.

Central and South Asia

  • BankBazaar announces partnership with Ujjivan Small Finance Bank for Personal Loans.
  • Victoria Commercial Bank Kenya goes live with corporate banking technology powered by i-exceed’s Appzillon.
  • Aurora interviews Bernhard Klemen, international partner with venture capital fund Sarmayacar on opportunities for venture financing for Pakistani fintech startups.

Latin America and the Caribbean

  • German challenger bank N26 announces plans to expand to Brazil.
  • BBVA Colombia looks at its role in helping promote fintech innovation in Peru. In Spanish.
  • FXCompared profiles Argentina-based PayPal rival, MercadoLibre.

Asia-Pacific

  • Leading Vietnam-based consumer finance firm, FE Credit, chooses Vymo’s AI-powered personal sales assistant.
  • Bambu and CredoLab earn spots on Fintech News Singapore’s 29 Hottest Fintechs in Singapore 2019 roster.
  • Accenture and nCino partner to better serve FIs in the Asia-Pacific and EMEA regions.

Sub-Saharan Africa

  • Tymebank goes live with core banking tech from Mambu.
  • Nigerian digital banking solution provider TeamApt raises $5.5 million in funding.
  • South Africa’s Standard Bank to launch private cloud-based distributed ledger platform for payments and settlement.

Central and Eastern Europe

  • Russia’s Tinkoff Bank joins the country’s Faster Payments System.
  • Ukraine finishes its pilot project, begun in December, in support of its national digital currency, the e-hryvnia.
  • UK-based Rimilia and Association of Credit for Central and Eastern Europe to promote adoption of AI-based technologies to automate AR in the CEE region.

Top image designed by Freepik

Temenos Partners with Saudi Arabia’s Al Rajhi Bank

Al Rajhi Bank in Saudi Arabia has chosen Temenos for a digital overhaul and to improve its Islamic lending and financing products, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Al Rajhi, which is described as the nation’s second largest bank and the world’s largest Islamic bank, has total assets of over $97 billion.

It plans a “complete renovation” using Temenos T24 Transact and additional digital solutions including Temenos Infinity and Temenos Loan Origination product.

Waleed Al Mogbel, deputy CEO, Al Rajhi Bank, said the Temenos platform will “enable us to transform faster, drive out complexity and lower our overall total cost of ownership”.

Jean-Paul Mergeai, managing director Middle East and Africa at Temenos, added that the vendor has 19 clients in Saudi Arabia and this “new signing further cements our presence in the country where we have been operating since the late nineties”.

The bank will use the Temenos Islamic Banking Suite, coupled with its “Saudi Model Bank” application which includes pre-configured local functions, to cater for the specific Saudi regulatory requirements.

Al Rajhi operates in more than 570 branches across Saudi Arabia as well as in Kuwait, Jordan and Malaysia. It was founded in 1957.

As noted above, Temenos is well established in Saudi Arabia. Customers include Alawwal Bank, Amlak International, Alinma Bank, Bank Albilad, Banque Saudi Fransi and Samba Financial Group.

Back in October 2018, treasury and capital markets (TCM) tech specialist Murex signed up Al Rajhi for its flagship MX.3 platform.

Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. The company is also an alum of our developers conference, presenting a discussion on its B2B Financial Apps Marketplace at FinDEVrSilicon Valley in 2015.

Founded in 1993, Temenos is based in Geneva, Switzerland.

Finovate Alumni News

On Finovate.com

  • SpyCloud Scores $21 Million in Round Led by Microsoft’s M12.
  • Temenos Partners with Saudi Arabia’s Al Rajhi Bank.
  • Tymebank Goes Live with Core Banking Tech from Mambu.

Around the web

  • NICE Actimize partners with crypto finance company Circle to deploy its market surveillance technology.
  • Silvergate Bank to deploy Finastra’s Total Payments, leveraging the API-enabled solution to support payment processing.
  • Leading Vietnam-based consumer finance firm, FE Credit, chooses Vymo’s AI-powered personal sales assistant.
  • Bambu and CredoLab earn spots on Fintech News Singapore’s 29 Hottest Fintechs in Singapore 2019 roster.
  • GreatHorn announces capability to detect credential theft involving Microsoft Office 365 and Google G Suite.
  • Identitii joins the Banking Industry Architecture Network (BAIN).

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: 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.
  • PYMNTS.com features Argentine digital challenger bank, Wilobank.

Asia-Pacific

  • 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

On Finovate.com

  • 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

On Finovate.com

  • 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.