How Facebook’s Libra Looks from Latin America; Indian Neobank Raises $30 Million

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.

Sub-Saharan Africa

  • Capetown, South Africa-based digital lender Lulalend raises $6.5 million in Series A.
  • Techpoint Africa looks at how fintechs are “democratizing investment opportunities” for Nigerians across the income spectrum.
  • The Catalyst Fund announces that three Africa-based fintechs – Turaco, Chipper Cash, and Salutat – will join its accelerator program.

Central and Eastern Europe

  • Estonia’s Tallinn Business Bank (TBB) partners with Icefire and Token to deliver PSD2 compliance.
  • Cointelegraph profiles Warsaw, Poland’s Alior Bank leverages Ethereum blockchain to authenticate client documents.
  • Polish Netflix subscribers will soon be able to pay for their viewing via the country’s Blik payment system.

Middle East and Northern Africa

  • Bahrain’s Bank ABC partners with Jumio, making it the first bank in the MENA region to offer biometric-based, digital KYC.
  • Egypt’s Banque du Caire to deploy omni-channel banking technology from Temenos.
  • Wamda interviews Elie Nasr founder of Lebanese fintech startup FOO.

Central and Southern Asia

  • The Bank of Mongolia will implement Intellect Design Arena’s Quantum Central Banking Solution as part of its digital transformation.
  • Indian SME-based neobank Open raises $30 million in Series B funding.
  • India’s Wizely introduces a new mobile savings account.

Latin America and the Caribbean

  • Contxto looks at the current fintech landscape of Mexico.
  • How will Facebook’s Libra project impact Latin America?
  • BBVA announces major changes to mortgage portfolio, including a rate reduction.

Asia-Pacific

  • U.K. regtech firm ClauseMatch teams up with Singapore-based consultancy Ingenia, the company’s first client in the country.
  • Axinan to work with PT Sompo Insurance to provide on-demand insurance options to Indonesian millennials.
  • The Monetary Authority of Singapore to issue as many as five new digital bank licenses.

Top image designed by Freepik

Token Lands $16.5 Million

Open banking expert Token received $16.5 million in a round of funding led by Opera Tech Ventures, the venture arm of BNP Paribas. The investment brings the company’s total funding to $35 million.

Also participating in today’s round are two banks headquartered in the Middle East and Southeast Asia, as well as existing investors Octopus Ventures and EQT Ventures. California-based Token will use the funds to build on its TokenOS open banking platform and develop new payment solutions with digital money and identity technology.

“As the emerging category leader in open banking infrastructure, Token gives banks a fast track to deliver great open banking customer experiences,” said Token Founder and CEO Steve Kirsch. “For banks, establishing an early position in this new hyper-connected market is a competitive advantage; a new wave of independent financial apps and services will soon be available to their customers, so banks need to be clear about their future roles. By solving the infrastructure problem, Token enables them to focus on service innovation and delivery earlier than the competition.”

Founded in 2015, Token was built on the mission to create the next generation of payment capabilities. The company has 4,000 bank clients in its ecosystem in which participating online merchants to connect to the bank to allow the customer to make purchases directly from their bank accounts. Among Token’s clients are Tandem Bank, Think Money Group, An Post, Sberbank Croatia and Slovenia, and Khaleeji Commercial Bank.

Token showcased its PSD2 compliant solution at FinovateEurope 2017 in London. Last month, the company partnered with Omni Group to provide open banking and PSD2 compliance solutions to the group’s bank partners. This year, Token won Best Payments Newcomer in the 2019 Card and Payments Awards as well as Fintech Start Up of the Year in the 2019 FStech Awards.

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.