FinTech Futures: Top five stories of the week – 21 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Digital
FinTech Futures Jobs: The future of blockchain and the path to mass adoption
Explore thousands of open roles on the FinTech Futures Job Board today.
Filipino fintech start-up Salmon lands $20m debt funding
Salmon says the investment marks the “largest ever” debt financing for a Series A tech company in the Philippines.
Salve Financial Hub signs for Finastra Essence to reduce payment delays
The San Marino-based fintech will deploy Finastra’s SaaS solution for high-value corporate payment processing.
The US Federal Reserve launches new instant payments system FedNow
FedNow operates in parallel with the Federal Reserve’s existing payment services, Fedwire and FedACH.
Rapyd names Shlomit Wagman as global chief regulation and compliance officer
Wagman joins Rapyd from the Israel Money Laundering and Terror Financing Prohibition Authority (IMPA).
Mexico’s CNBV reportedly facing legal action over delays publishing open finance rules
The complaint was filed by a Mexican citizen in June, according to El Economista.
Webinar | 6 September 2023: Pioneering innovative partnerships – unveiling the game-changing fintech hybrid model at the point-of-need
An insightful journey through the experience of the successful implementation of the hybrid start-up model.
Karat Financial secures $70m in mix of equity and debt financing
The start-up has also launched a new business card in partnership with Visa to help digital creators access credit.
Nordea acquires Danske Bank’s Norwegian personal customer and private banking business
The agreement is set to bring approximately 285,000 new customers to Nordea.
Myanmar’s FDB Bank signs for Oracle’s Flexcube core banking system
The signing and project kick-off took place this week in Yangon, Myanmar.
Germany’s BaFin provides updated order on the prevention of money laundering at N26
N26 will reportedly continue to be restricted to 50,000 new customer acquisitions per month.
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Brite Payments announces two new appointments to its C-suite
The Swedish fintech has appointed Alexander Kassai as COO and Fredrik Strömqvist as CFO.
Stanford Federal Credit Union overhauls digital engagement through Agent IQ partnership
The partnership will see Stanford FCU leverage Agent IQ’s digital engagement platform Lynq.
Cognaize lands $18m Series A to fuel AI-powered document processing for financial services
The start-up will use the funds to accelerate its research and product development and boost its marketing activity.
Yazan Hamdan joins Bank of Jordan as new head of digital banking
Hamdan joins the bank from Jordan’s first neobank Blink, where he served as platform lead since December 2021.
Starling Bank taps Napier for transaction screening solution
Starling Bank will utilise Napier’s anti-money laundering (AML) and counter-terrorism financing (CTF) technology.
How Swedbank partnered with competitors to create a new payment method
A look at how Swedbank and members of the Swedish Bankers’ Association worked together to develop Swish.
FSB publishes global regulatory framework for cryptoassets
The framework comes a year after the FSB called for regulation of the crypto industry on an international level.
Banque Saudi Fransi completes payment processing upgrades with TCS
The Saudi bank selected TCS BaNCS to digitise its IT landscape across deposits, lending and payments.
Thredd, formerly GPS, appoints Ava Kelly as new chief product officer
Based in the US, Ava Kelly brings more than 25 years of payments industry experience to her new role.
Saudi Arabia’s HyperPay acquires fintech start-up Sanad Cash
HyperPay is aiming to expand its product offerings in order to become an “all-in-one” digital payments platform.
Lloyds Banking Group customers can now lease a car via mobile app
Lloyds claims it is the first UK bank to launch such an offering, now available to 11 million customers.
ila Bank taps Arab Financial Services for prepaid card offering
The Bahraini denominated card can be used to pay for transactions in both an in-store and online setting.
ThetaRay’s Sonar goes live on Microsoft Azure Marketplace
ThetaRay currently engages around one billion end users and monitors over 15 billion transactions per year.
Banking transformation begins and ends with the customer
Incumbent banks need to adapt and evolve to ensure they’re meeting shifting customer needs.
Demystify Podcast: Payments, the planet & equality with Monika Liikamaa, co-founder of Enfuce
Enfuce’s Monika Liikamaa helps demystify why and how the payments industry can help with the climate agenda.
Canadian Tire Bank to move to Temenos Banking Cloud
CTB will utilise the Temenos Banking Cloud to replace its legacy core systems and move to a SaaS model.
Payhawk launches in Lithuania after securing EMI licence from central bank
With a presence in Lithuania, the company hopes to gain more business in the Baltic region.
Nav announces second acquisition of the year with start-up Tillful
In addition to the asset acquisition, many of Tillful’s employees will be joining Nav in senior roles.
Standard Chartered exits several markets in Africa through sale of subsidiaries to Access Bank
Access Bank will acquire Standard Chartered’s subsidiaries in Angola, Cameroon, The Gambia and Sierra Leone.
UK’s National Audit Office launches FCA review
The review will examine how the FCA is working to overcome new challenges and take advantage of opportunities.
FusionIQ integrates with wealth management platform Blueleaf
The integration seeks to provide wealth managers with the tools needed to boost their digital transformation.
Spend management platform EnKash launches Olympus solution for businesses
The solution targets MMEs that lack experience and accessibility of financial and non-financial products.
Mexican start-up mattilda lands $19m Series A funding
The capital will be used to accelerate its growth in Mexico and fuel its international expansion plans.
Banking Tech Awards USA 2023 winner: Fincom – 90% cost reduction in AML sanctions screening
Fincom’s AML Sanctions Screening solution won the AML & Compliance Tech of the Future at the awards.
Apple rolls out Tap to Pay in the UK with Revolut and NatWest
Tap to Pay allows businesses to accept in-person, contactless payments on an iPhone, without need for hardware.
Car IQ partners Visa to enable in-vehicle payments
Car IQ Pay vehicle wallet enables vehicles to have their own payment accounts to transact directly with merchants.
Global fintech investment falls over H1 2023 amid economic turbulence but sector remains resilient
According to Innovate Finance data, $27.3bn was injected into the industry globally during H1 2023 through 1,714 deals.
