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
VTB Factoring and Venture Engineering Lab introduces end-to-end multifactor digital supply chain finance platform, GetFinance, to Russian market.
Austrian telecom Hutchison Drei Austria teams up with Revolut to offer prepaid debit cards and banking services.
Coinspeaker profiles Slovakian cryptocurrency trading platform, StockPoint.
Middle East and Northern Africa
Dubai Financial Services Authority (DFSA) announces four new fintech additions to its summer sandbox.
Morocco’s CIMR to useDaon to make sure its clients are still living.
Beirut, Lebanon-based ecommerce management platform Ecomz raises $4 million in Series A funding.
Central and Southern Asia
Reserve Bank of India (RBI) to build blockchain-based banking platform.
New partnership between ICICI Bank and IndoStar Capital Finance to bring financing options to help underserved Indian SMEs purchase commercial vehicles.
Fidor Solutions inks memorandum of understanding with Astana International Financial Centre (AIFC) to promote fintech innovation in Kazakhstan.
Latin America and the Caribbean
Ingenico ePayments to provide advanced payment services to online Latin American marketplace Linio Colombia.
Jamaican wealth manager Proven Wealth to deploy core banking system from ERI.
BNAmericas takes a look at the emerging fintech scene in Costa Rica.
Japanese payment app Kyash raises $14 million in Series B round led by Goodwater Capital and Mitsubishi UFJ Capital.
B2B digital wealth management solutions provider WeInvest has taken in an investment of its own today. The Singapore-based company just closed on $12.3 million in Series A funding.
The financing comes from a handful of angel investors, along with London-based Schroders, which acquired a minority equity stake in the company. This is WeInvest’s first major funding after an undisclosed round in 2017.
In an interview, WeInvest Co-Founder and CEO Bhaskar Prabhakara told DEALSTREETASIA that the funds will be used to promote product development and to “expand the functional range of [the] platform across regional regulatory requirements, business models, and products.”
Unlike other models, WeInvest’s roboadvisory services empower traditional advisors with tools to help them compete with pure roboadvisory plays. WeInvest has three main products. TrackWealth offers simplified account aggregation and wealth analysis for advisors to provide their clients. GrowWealth, provides goal-based and thematic investing roboadvisory services that advisors can offer their self-directed clients. And AdviseWealth offers a service for relationship managers.
Founded in 2015 and with 38 employees, WeInvest offers its services in Malaysia, Indonesia, Hong Kong, India, and Dubai. Prabhakara recently presented AdviseWealth at FinovateMiddleEast 2018 in Dubai. WeInvest has 5 clients and anticipates it will double that number by the end of the year.
WeInvest is a digital wealth management solutions provider for banks, wealth and asset managers, insurance companies, and independent financial advisors.
Drill down to any client’s portfolio with comprehensive analytics across performance, exposures, and risk
Generate ideas which could be relevant for the client across products
Manage, trade, and advise
Why it’s great
The RM Workbench is a capability built to deliver a holistic picture to the relationship managers about their clients, client communications, product information along with the ability to precision-service clients.
Bhaskar Prabhakara, CEO
Prabhakara co-founded WeInvest and TrackWealth with the vision to help everyone take control of their finances, make better investment decisions and gain access to simpler, smarter, and transparent investing. LinkedIn
Aananth Solaiyappan, CTO
Solaiyappan is a passionate technologist and a firm believer in the transformative power of design lead innovation. He is an accomplished executive and a serial entrepreneur. LinkedIn
WeInvest’s end-to-end robo-advisery platform on mobile and web is backed by a robust middle-to-back-office platform, global investment strategies and execution, and custody with Pershing, BNY Mellon.
AUM-based fee structure. Pay as you scale.
Mutiple asset classes, currencies, brokers and custodians supported
Investment strategies App Store to gain access to the best global strategies
Why it’s great Asia’s first platform-as-a-service robo-adviser can help you launch your version in three months with an investment of less than US$150,000.
Bhaskar Prabhakara, CEO
Prabhakara has over 14 years’ consulting experience with various banks, brokerages and asset-management firms across India, Middle East, United States, and London. He graduated from IIT Madras and has an MBA from IIM, Ahmedabad. LinkedIn
Aananth Solaiyappan, CTO
Solaiyappan is changing wealth management and investing through technology in Asia with a passion for design-led innovation and the transformative power of fintech in Asia. He formerly worked for Stanchart, Amazon, Oracle, and Sequoia. LinkedIn