A major financial institution in India is looking to make a fintech “acquihire” (an acquisition of a company primarily for the skills and expertise of its staff, rather than for the products or services it supplies).
Mumbai-based Nelito Systems has bagged a multi-country deal with Indian Overseas Bank (IOB) for its Findart data archival and retrieval solution.
Thailand-based Krungsri (Bank of Ayudhya) and IBM have completed a blockchain pilot project to streamline the bank’s contract management process across its offerings.
Access to Information (a2i, an innovation lab supported by the Bangladeshi government), Bank Asia and Mastercard have signed a tripartite memorandum of understanding (MoU) to facilitate financial inclusion in Bangladesh by making digital payment services accessible countrywide through the Union Digital Centres (UDCs).
Thailand’s central bank, Bank of Thailand, has selected SimCorp Dimension as its new investment management platform to support reserve management and monetary policy operations of its $226 billion reserves.
Panin Dubai Syariah, an Islamic bank in Indonesia, has selected ICS Banks core banking platform from ICS Financial Systems (ICSFS) to replace its legacy tech.
A report released last year by EY and major Singaporean bank DBS declared China the “undoubted centre of global fintech innovation and adoption”. And China isn’t the only Asian country making waves in the fintech sphere. Overall fintech investments in the Asia-Pacific region reached $10.5 billion in 2016 – the highest amount witnessed to date since 2010, according to CB Insights data.
Four South Korean banks, including Bank of Korea, Keb Hana Bank, Nonghyup Bank and Kookmin Bank, have filed a lawsuit against online US consumer electronics retailer, Newegg.
Bank of Asia, a start-up digital bank in the British Virgin Islands focused on companies that have ties to Asia, has signed for the Avaloq Banking Suite core platform.
International Islamic Bank (IIB), a greenfield bank in Iraq, has gone live with the ICS Banks core banking system from regional developer ICS Financial Systems (ICSFS).
Meezan Bank, the largest Islamic Bank in Pakistan, has upgraded its core banking system, Temenos’ T24, to release 16.
With sizeable market shares, China’s mobile payments giants Alipay and WeChat Pay are seeking international expansion. What’s next for the tech giants?
Deutsche Bank has launched the “first” paperless import payment solution in India with its TradePay system. TradePay uses the Reserve Bank of India’s (RBI) Import Data Processing and Monitoring System (IDPMS) to verify import payments by checking them against details made available by the client on the system, “eliminating the need for clients to share […]
This time it’s personal. Standard Chartered has launched a digital wealth management tool that can customise investment ideas in a lively and rapid manner. Called Personalised Investment Ideas (PII), the idea is to help “priority banking” clients respond faster to market opportunities with automated investment ideas based on considerations such as their risk profile and […]
Mongolia gets a mention in this concise fintech funding round-up. Features OakNorth Bank, AND Global and TransFICC. UK challenger OakNorth Bank has secured £154 million investment as it looks to lend a further £1.5 billion to businesses in the country in 2018, and then attempt to move on globally. The funding came from the Clermont […]
Mastercard has partnered with the Andhra Pradesh government in India to bring its digital payments into the Fintech Valley Vizag’s smart city plan. Under the agreement, Mastercard will help Andhra Pradesh in its ambitions to be a cashless society and develop the city concept. Mastercard president and CEO Ajay Banga says it can do this […]
Utkarsh Small Finance Bank, a microfinance institution in India, has rolled out Intellect Design Arena’s core banking system. The bank received its licence last year, and according to Intellect, one of the key requirements for Utkarsh was to have a joint liability group solution that would enable it to provide group loans to the microfinance […]
A new bank in India, AU Small Finance Bank, is working with SunTec to automate the goods and services tax (GST) functionality with the vendor’s Xelerate revenue management system.
Zarai Taraqiati Bank Limited (ZTBL), a development bank in Pakistan, is looking for a new core banking solution for its conventional and Islamic banking operations.
Visa employees have a saying that “cash is our biggest competitor.” Mightier threats, however, are looming.
The Centre for Finance, Technology and Entrepreneurship (CFTE) has teamed up with SuperCharger, a fintech accelerator in Asia with offices in Hong Kong and Malaysia, to help its students learning with CFTE. UK-based CFTE cites SuperCharger’s accelerator programmes – which offer a B2B sales focus, closing 14 commercial proofs of concept (PoCs) in 12 weeks […]
Sri Lanka’s Seylan Bank is modernising its trade finance technology with Finastra’s Fusionbanking Trade Innovation system. On the way out is the legacy China Systems’ Eximbills system, Banking Technology understands.
TerraPay, a mobile payments switch, has partnered with bux, a mobile app money transfer service, to enable instant cross-border money transfers from Australia, Hong Kong, the U.K. and Europe to India.
India’s second largest bank, Bank of Baroda, has got itself an “exclusive” micro lending partnership with Amazon. The bank says through this partnership it is running a process for underwriting Amazon sellers “who would traditionally not be able to procure a line at formal financial institutions”. The deal is part of the bank’s ambitions to […]
India-based Nainital Bank is gearing up to launch a new digital venture. It has recently gone to market to find a consulting and implementation partner to help it design, build and launch this venture as well as service it post-launch.
Google is expected to launch a mobile payments app in India next week. Google Tez, which means “fast” in Hindi will reportedly support Android Pay as well as the government-backed Unified Payments Interface and other consumer payment services including Paytm and MobiKwik.
India-based finance company TAB Capital is implementing a new lending system, FinnOne Neo, supplied by domestic vendor Nucleus Software. The solution will be delivered in the cloud.
Yes Bank, one of the largest banks in India, us calling for start-ups to apply for the second cohort of its Yes Fintech innovation programme.
Hong Kong-headquartered capital markets and investment group CLSA has deployed Symphony Communication Services collaboration platform across its entire business. The roll-out of Symphony to CLSA’s 1,900 employees is its largest deployment to date by an Asia-headquartered firm. CLSA joins a community who connect on Symphony, comprised of over 220,000 corporate users from 190 firms. CLSA […]
Infosys’ MD and CEO has resigned, citing a continuous stream of distractions and disruptions, and personal and negative attacks on his performance. In his notice of resignation, Dr Vishal Sikka, complained of “false, baseless, malicious and increasingly personal attacks” from the company’s founders. Sikka’s exit pushed Infosys shares down around 8% – and follows a […]
The battle for e-commerce and payments domination is on in India. Paytm, an e-payment/e-commerce brand and payments bank, is bringing the QR code scanning habit to the Indian masses, while rival Flipkart has raised $2.5 billion from Japan’s SoftBank and Amazon has launched its digital wallet.
Paytm, e-payment/e-commerce brand and payments bank, is bringing the QR code scanning habit to the Indian masses, while Amazon Pay has launched a digital wallet.
PayPal has set up two innovation labs in India – based out of the company’s tech centres in Chennai and Bangalore – to help the country’s fintech start-ups grow.
UK-based Centre for Finance, Technology and Entrepreneurship (CFTE) is looking to expand to Asia and plans to set up its first international hub in Singapore. The newly launched organisation says it “has been working closely with the Monetary Authority of Singapore (MAS) to formalise plans to expand CFTE’s education initiative to ASEAN”.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
India’s most popular electronic wallet and payments bank Paytm is gearing up to add messaging capabilities to its mobile app. Experts believe this is in response to WhatsApp’s plans to add a payments piece to its platform. With mobile payments growing rapidly in India post demonetisation, Paytm is expected to quickly double its user base […]
Reserve Bank of India (RBI), the country’s central bank and regulator, has given National Payments Corporation of India (NPCI) the go-ahead to consolidate payment of local utility and services bills.
Reserve Bank of India (RBI), the country’s central bank and regulator, has asked banks in the country to work towards implementing a system that allows users to port their account from one bank to another, without changing the account number.
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Soumik Roy, a digital marketing and technology specialist, brings us his perspective from within India – and all about the UI and […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
