June 2024: Top five new fintech launches of the month
From P2P payment providers to digital banking apps, several new start-ups and innovative products have been launched in the fintech space this month.
Here, we run through five of the top new launch stories in June, featuring Boost Bank, Morpheus, Belong, and more.
New digital-only bridging lender Morpheus launches in the UK
Morpheus introduces digital-only lending approach
Morpheus, a new digital-only bridging lender, has launched in the UK with the aim to provide funding services for corporate, commercial, and property professionals.
The company says it has been built “on the belief that there’s a better way to provide mortgages in the specialist lending space”.
Initially, Morpheus will provide bridging loans of up to £750,000, with the start-up leveraging a suite of tech features such as digital KYC and due diligence checks, open banking, and biometric authentication to streamline the lending process.
Koilink Technologies to launch equities trading app in Q4
US-based start-up Koilink Technologies is readying its market debut with the beta launch of its app-based offering, which seeks to “revolutionise how investment brokers and companies interact”.
Set to launch in beta in Q4, the app aims to serve as a place where investment brokers, high-net-worth individuals, and public or private companies can “seamlessly connect, negotiate and finalise deals” concerning equity offerings.
Founded by serial entrepreneur Joel DeBellefeuille, the app’s remit is to be supported by real-time market updates, interactive communication tools, and “detailed user providers” to ensure sole access to FINRA, IIROC, and SEC-accredited brokers.
Boost Bank officially launches its digital banking app in Malaysia
Boost Bank launches app in Malaysia
New Malaysian digital challenger Boost Bank, established through a partnership between Axiata Group’s fintech firm Boost and RHB Banking Group, has officially launched its digital banking app aimed at serving the country’s underbanked and unbanked populations.
Boost Bank, which obtained regulatory approval from Bank Negara Malaysia and Malaysia’s Ministry of Finance to begin operations in January, aims to offer both personal and business banking services, including savings accounts and a loyalty programme.
The app also offers a range of security measures, including a cooling-off period for new device logins, a freeze account option, and a device binding feature for access control.
Millennial wealth building platform Belong launches in the UK
Belong, a new wealth-building platform aiming to democratise long-term investments for young people, is launching in the UK.
The start-up’s product line at launch includes stocks and shares individual savings accounts (ISAs) and General Investment Accounts (GIAs) which, powered by a Future Wealth Simulator, enable users to invest in five different index funds, namely MSCI World, S&P 500, MSCI World ESG, FTSE All World Climate, and UK Corporate Bond.
This remit is accompanied by a five-year amortising “Boost” loan option, which co-founder and COO Samantha Rosenberg says “allows more money to be invested upfront, thus magnifying the effect of compounding over time”.
Al Etihad Payments prepares to launch new domestic card scheme in UAE this month
Al Etihad Payments to launch Jaywan card scheme in UAE
The Central Bank of the UAE (CBUAE) is preparing to launch a domestic card scheme – dubbed Jaywan – through its subsidiary, Al Etihad Payments, this month.
Developed in partnership with India’s NPCI International, Jaywan serves as one of the country’s nine Financial Infrastructure Transformation (FIT) initiatives, launched last year, and intends to increase the availability of payment options with a specific focus on e-commerce, digital transactions, and financial inclusion.
So far, the progress of this programme has been marked by the launch of the central bank’s instant payment platform Aani in October, and its partnership with infrastructure and IT solutions provider Core42 to establish “global standards for the open finance sector” in April.
