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.
Latin America and the Caribbean
- PayPal invests $750 million in Argentina-based e-commerce company MercadoLibre.
- First Data to acquire Brazilian electronic funds transfer (EFT) solution provider Software Express.
- NCR, Bluefin, and Powertranz team up to support POS card processing for Caribbean quick serve restaurants.
- BlueRush deploys its Individeo platform with a large Colombian bank courtesy of a partnership with Bee Concept.
- The Wall Street Journal looks at how global FIs are gaining interest in the Latin American alternative lending market.
Asia-Pacific
- Experian launches Singapore-based incubator, Experian X Labs.
- South Korean crypto company Kakao raises $90 million via private coin offering.
- Thai Stock Exchange to launch a digital asset exchange next year.
Sub-Saharan Africa
- Front office and core banking technology from Temenos to drive digital revamp for African challenger bank, Vista Bank.
- Financial Software and Systems takes 46% stake in South Africa’s Ecentric Payment Systems.
- South Africa’s second largest retail bank, Capitec, extends its partnership with ACI Worldwide.
- ThreatMetrix teams up with Blue Turtle Technologies to help market its fraud prevention solution to customers in Africa.
Central and Eastern Europe
- Tinkoff Bank reports 2018 highlights including launch of new mortgage app, a joint P2P money transfer offering with Sberbank, and more than 2.7 million new active credit customers.
- iSignthis Inks Banking and Payments Deal with Ibanera.
- Bulgaria-based Software Group scores €18 million loan from Europe Investment Bank.
- EU Startups features lending platform Inlock its look at 10 Hungarian startups to look out for in 2019.
- Bulgaria’s Municipal Bank to deploy new core and payments solutions from Oracle.
Middle East and Northern Africa
- Dubai International Financial Center (DIFC) launches $10 million fund for fintech startups in the MENA region.
- Commercial Bank of Qatar joins R3.
- Credit scoring solution provider Creditinfo opens regional hub in Muscat following new strategic partnership with the Central Bank of Oman.
Central and South Asia
- ArthaYantra wins Fintech of the Year (India) at The Asset Triple A Digital Awards.
- Africa’s Naspers plans to spend $1 billion on investments in Indian fintechs.
- Standard Chartered’s SC Ventures division to launch digital platform for Indian SMEs.