Amazon Pay Fuels P2P in India; Fenergo Makes Friends in Bahrain

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.

Latin America and the Caribbean

  • Brazil’s central bank issues open banking guidelines for the country.
  • Crunchbase News looks at VC funding trends in Latin America and their impact on fintech investment.
  • LATAM Tech explores Argentina’s investment in blockchain technology.

Asia-Pacific

  • ACI Worldwide to help Indonesia interbank network ALTO to expand its payment capabilities.
  • China makes moves to ease cross-border ecommerce settlement.
  • Monetary Authority of Singapore (MAS) and Central Bank of Canada team up to trial DLT technology for cross border payments.

Sub-Saharan Africa

  • ESI Africa reports on the potential for fintech to drive economic growth in Africa.
  • Kenya’s 4G Capital, a financial services solution provider for micro, small, and medium-sized enterprises (MSMEs) opens offices in Uganda.
  • Fintech News Switzerland profiles the fintech scene in South Africa.

Central and Eastern Europe

  • Token helps drive Open Banking with new Sberbank Croatia partnership.
  • Lithuanian fintech Paysera announces plans to raise €2.5 million in a security token offering.
  • Banks in Hungary and Slovakia choose core banking technology from Oracle Financial Services.

Middle East and Northern Africa

  • Fenergo working with Bahrain’s Electronic Network for Financial Transactions to design and implement a KYC solution that incorporates blockchain technology.
  • Wamda interviews Mohamed Okasha, co-founder of Egypt-based electronic payment gateway, Fawry.
  • Mercury Payment Services, a Dubai-based financial services company, to deploy AML technology from Fiserv.

Central and South Asia

  • TechCrunch: India tops China as destination for fintech investment.
  • Amazon Pay launches P2P payments for Android users in India.
  • Myamar-based financing platform Daung Capital closes Series A round after securing additional funding.

Top image designed by Freepik

Token Helps Drive Open Banking with New Sberbank Croatia Partnership

Sberbank Croatia has selected turnkey open banking platform provider, Token.io, to deliver PSD2 compliance and open banking capabilities, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Sberbank Croatia, subsidiary of Sberbank, is integrating TokenOS into its banking infrastructure to establish PSD2 compliance and enable the system flexibility required for it to develop new services, such as bank direct payments and account aggregation.

The news extends Token’s relationship with Sberbank, which began in 2018 when Token announced a partnership with Sberbank Slovenia, as Token sees increasing interest from the region.

Csaba Soos, CEO of Sberbank Croatia, said: “The development of digital technology is one of Sberbank’s key strategic objectives and our partnership with Token demonstrates that progress is well underway at Sberbank Croatia. By cooperating with Token, we can offer an improved user experience and a larger portfolio of value-added services for both our corporate and retail customers.”

Steve Kirsch, founder and CEO, Token added: “Our turnkey, cost-effective open banking solution is enabling Sberbank Croatia to comply with the PSD2 regulation while remaining focused on achieving its strategic goals and growth through innovative new services.”

Token said that being cloud-based gives Sberbank both flexibility and scalability when initiating and managing transactions. Now, Sberbank Croatia can be accessed by any regulated TPP in Europe.

The bank gains crypto-based security and programmable money technology together with operational support, consent management, monitoring and reporting.

The partnership with Sberbank Croatia comes on the heels of Token’s recent announcement that it was teaming up with Omnio Group to help the digital banking platform provider deliver open banking opportunities and PSD2 compliance for its clients.

Founded in 2015 and headquartered in San Francisco, California, Token.oi demonstrated its technology at FinovateEurope 2017. The company has raised $18.5 million in funding, and includes Octopus Ventures, Plug and Play, EQT Ventures, and OP Financial Group among its investors.

Finovate Alumni News

On Finovate.com

  • BlueVine and GovQuote Team Up to Fund SMEs.
  • Bpm’online Focuses on Customization, Clean Data in Latest Update.

Around the web

  • Sberbank Croatia chooses Token for PSD2 compliance.
  • Silicon Canals highlights Meniga in its list of 10 Cool Icelandic Tech Startups to Work for in 2019.
  • MX wins a 2019 Utah Genius award.
  • U.Today features Stash and Crealogix in its roundup of Top 12 FinTech Companies to Watch in 2019.
  • Xignite earns spot on the WealthTech 100.
  • Lendio franchise opens in Erie to expand access to capital for local businesses
  • InComm’s Alder API wins award from the Innovative Payments Association.
  • BioCatch’s behavioral biometrics-based digital identity solution now available on the ForgeRock Marketplace.

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.

Token Teams Up with Omnio Group to Boost Open Banking

Omnio Group is the latest fintech to partner with turnkey open banking platform provider, Token.io. The firm, whose digital banking platform, bank.VISION, powers banking and payments for more than 300 companies around the world, will leverage its new relationship with Token.io to provide open banking and PSD2 compliance to its FI partners.

“Token has enabled us to provide our clients with a PSD2 Open Banking Hub, which delivers secure connectivity between third parties and financial institutions,” Omnio Group Director of Implementation and Delivery, Rob Liddell explained. “Our next step is to work with Token to create innovative banking and payment experiences that meet the evolving needs of our digital customers.”

The first customer to take advantage of Omnio Group’s new partnership with Token.io is Irish postal, retail and financial service provider, An Post. The integration of both bank.Vision and TokenOS will give An Post access to crypto-based security, Token’s programmable money technology, as well as operational support, monitoring, and reporting.

“Our commercial strategy relies on our ability to successfully deliver in the digital world,” An Post Financial Services Director John Rice said. “Leveraging Token’s API puts us ahead of the game, enabling us to build a better proposition for our customers.”

Token.io demonstrated its PSD2-compliant open banking solution at FinovateEurope 2017. The company’s platform provides both banks and third parties with better compliance, quicker data aggregation, and direct bank payments with its single API and smart token technology.

Banks benefit from the ability to deliver more services to their customers and generate new revenue. By integrating TokenOS via simple, secure SDKs, banks can leverage crypto-based security and programmable money to build and develop new open banking apps. Payment service providers and merchants both win with better, more secure connections to banks, as well as faster access and lower costs.

Omnio Group is the latest company to sign on to Token.io’s open banking solution. Earlier this month, Token.io announced a partnership with Khaleeji Commercial Bank of Bahrain. Back in March, the company reported that it was working with U.K.-based challenger bank Tandem to ensure PSD2 compliance and support open banking. Late last year, Token and thinkmoney agreed to work together to expand open banking opportunities for the U.K.-based FI. More than 4,000 banks are currently connected via Token.io’s technology.

In addition to partnering with financial institutions around the world, Token.io also teamed up with open banking third party provider and identity and regulatory specialist Konsentus earlier this year. Together, the two will offer FIs in Europe a “fast and powerful combined solution for PSD2 compliance.” Token.io began 2019 by hiring a new Chief Technology Officer, Gaurav Kohli. Before joining Token, Kohli was VP of Product Development, Architecture, and Platform Engineering at Visa.

Finovate Alumni News

On Finovate.com

  • Kazakh Eurasian Bank Upgrades Cash Tech with Fiserv.
  • Token.io Teams Up with Omnio Group to Boost Open Banking.
  • Financeit to Power Mobile POS Financing for ServiceTitan.
  • Expensify Integrates with Southeast Asia Ridesharing Company Grab.

Around the web

  • The Five Minute Founder podcast interviews Jake Tyler, Finn AI CEO.
  • STRANDS and adorsys expand their partnership for digital transformation for global financial services.
  • Signifyd to power fraud protection for Solupay’s NetSuite SuitePayments.
  • Kony ships Kony Quantum for Microsoft Azure and Kony DBX digital banking suite on Kony Quantum for Azure.
  • Connect Financial Software Solutions partners with CuneXus to offer the CuneXus perpetual loan automation platform to its credit union clients.
  • Georg von Brevern joins Ixaris as Chief Legal and Compliance Officer.
  • Telenor to acquire majority stake in the Finnish telecom operator DNA.
  • Crypterium launches Crypterium SX, an AI-based system that ensures all transactions get the best exchange rates available.
  • Omnio Group and Token.io partner to deliver open banking and PSD2 compliance to Omnio’s financial institution customers.
  • Raiffeisen Bank International partners with Feedzai to bring advanced ML to European banking to fight fraud.
  • Jack Henry’s ProfitStars unveils Gladiator Total Protect, a suite of managed IT, network security, and compliance services to enhance banks’ cybersecurity and compliance management.

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.

Finn AI Powers Chatbots in South Africa; Token Drives Open Banking in MENA

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.

Central and Eastern Europe

  • NF Innova to power “Customer-First” experience for APS Bank.
  • Tinkoff Group of Russia builds supercomputer dubbed the most powerful in financial sector.
  • Raiffeisen Bank Serbia picks Asseco SEE as its strategic vendor.

Middle East and Northern Africa

  • Khaleeji Commercial Bank of Bahrain partners with Token.io.
  • AI chatbot maker Kasisto and UAE-based digital bank Liv partner to launch new conversational chatbot, Olivia.
  • Smart Dubai gives the nod to blockchain platform developed by Du, formerly known as the Emirates Integrated Telecommunications Company.

Central and South Asia

  • Indian point-of-sale terminal developer Mswipe raised $30 million in new funding.
  • Fintech startups are among those looking for capital from the new $20 million fund launched by China’s Gobi Partners and Pakistan’s Fatima Ventures.
  • India’s Federal Bank turns to Ripple to power cross-border remittances.

Latin America and the Caribbean

  • The Paypers interviews allpago Founder and CEO, Philipp Bock, on ecommerce in Latin America.
  • HSBC Uruguay announces partnership with Spanish biometric authentication firm, FacePhi.
  • Latin American payments processor EBANX initiates local operations in Brazil.

Asia-Pacific

  • Hong Kong-based SME lender Qupital raises $15 million to fuel expansion to mainland China.
  • Krungthai Bank, EVX Holdings, and Shwe Rural and Urban Development Bank agree to launch the first blockchain-powered, cross- border money transfer service between Thailand and Myanmar.
  • UnionBank of the Philippines introduces the first cryptocurrency ATM in the country.

Sub-Saharan Africa

  • Finn AI Brings Conversational Banking to South Africa’s TymeBank.
  • Korepay helps Nigerian migrant workers in 12 U.S. states send money back home.
  • Xente, a fintech that enables Ugandan merchants to offer pay by installment, announces expansion to Nigeria.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Gusto Teams with Trainual to Automate Job Role Training.
  • Finovate Global: Finn AI Powers Chatbots in South Africa; Token Drives Open Banking in MENA.

Around the web

  • Green Dot helps Walmart customers move more than $2 billion through the program’s virtual Vault savings program.
  • Top Image Systems shareholders approve acquisition by Kofax.
  • BuyerQuest joins the Tradeshift platform as an app partner.
  • American Banker highlights how PayNearMe helps marginalized cash users partake in ecommerce.
  • Trustly grows to 300 employees.
  • Silicon Canals features SumUp, Aire, Revolut, and Zopa in its list of top fintech companies to work for in London.
  • Ripple, IBM, SWIFT and nearly 100 other organizations launch the International Association of Trusted Blockchain Applications (INATBA).
  • Forrester Research recognizes bpm’online as a “strong performer” in digital process automation for wide deployments in Q1 of this year.

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

  • Finn AI Brings Conversational Banking to South Africa’s TymeBank.

Around the web

  • Salt Edge unveils new version of API with a consent management system and UX enhancements.
  • MOXY bank selects NYMBUSSmartCore platform.
  • InComm and WH Smith launch in-store and online hubs for game cards in the U.K.
  • STOblock interviews Bitbond Founder and CEO Radoslav Albrecht.
  • India’s Federal Bank turns to Ripple to power cross-border remittances.
  • Khaleeji Commercial Bank of Bahrain partners with Token.io.
  • Finastra hires Sharon Doherty as its new Chief People Officer.
  • Equifax collaborates with Wolters Kluwer to offer Current Expected Credit Losses (CECL) solution.
  • Raiffeisen Bank Serbia picks Asseco SEE as its strategic vendor.
  • NF Innova to power “Customer-First” experience for APS Bank.

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

  • Overbond Launches COBI Matching in Pivot to Analytics.
  • YellowDog Raises $3.3 Million in Series A.
  • Nutmeg Says No to IPO, Opts for Crowdfunding Instead.

Around the web

  • Ledger integrates with Cardano’s ADA and Yoroi Wallets.
  • Insuritas partners with SouthEast Bank to launch bank-owned digital insurance agency platform.
  • Adobe unveils Commerce Cloud, a customizable and scalable platform to manage, personalize, and optimize the commerce experience.
  • SigFig unveils SigFig Atlas, a financial advice and software-guided sales platform.
  • InComm and WH Smith launch in-store, online hubs for game cards in the U.K.
  • UBank integrates Watson into its customer service offerings with RoboBrain, a Watson-enabled virtual assistant.
  • Token.io and Konsentus launch fast PSD2 compliance solution by combining a PSD2 API with automated TPP verification.
  • Verimi and Signicat partner to deliver verified digital identity solution for European enterprises.
  • HooYu to provide ID verification for esports betting platform, Luckbox.
  • Qover earns a spot on Programmable Web’s list of 13 Notable Insurance APIs.
  • WRAL Tech Wire features Spreedly in a look at local technology companies.

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.

Tandem Chooses Token as Open Banking, PSD2 Partner

Digital U.K. challenger bank Tandem is working with open banking platform provider Token.io to ensure PSD2 compliance and take advantage of the opportunities of open banking. Tandem will integrate a variety of solutions from Token, ranging from PSD2 compliant APIs to direct payment options like Token BankPay, into its core platform in order to better serve its more than 500,000 customers.

Tandem CEO Ricky Knox differentiated his bank’s approach to open banking, saying that Tandem goes “much further” than simple account aggregation and basic PSD2 compliance – especially thanks to the partnership with Token. “This means we can focus our efforts on differentiating ourselves with an improved user experience,” Knox said, “leveraging both AISP and PISP use cases to provide smarter, more personalized banking products that solve real people’s problems with money.”

“Our turnkey, cost-effective PSD2 compliance and open banking solutions will enable Tandem to accelerate growth through new and better products,” Token founder and CEO Steve Kirsch said. “Token offers the industry’s simplest and most secure transaction-based open banking API, which, being cloud-based, gives Tandem both flexibility and scalability when initiating and managing transactions.”

Tandem offers consumers a money management app, credit card, and fixed-rate savings accounts. Founded in 2011, the challenger bank launched its Autosavings account earlier this month. The new feature automatically sets aside user-determined amounts using “round ups” from transactions and “save to save” calculations based on the user’s income and anticipated spending. Autosavings also pays 0.5% interest, and users can add to their Autosavings account whenever they choose.

Token demonstrated its PSD2 compliant, open banking platform at FinovateEurope 2017. The company began the year with the hiring of new Chief Technology Officer, Gaurav Kohli. Back in December, Token announced a partnership with MENA-based infrastructure development company Almoayed Technologies to help drive open banking on the Arabian Peninsula. Also that month, the company partnered with thinkmoney to support PSD2 compliance and open banking for the U.K.-based current account provider.