Pakistan-based Samba Bank has signed for BenchMatrix’s retail loan origination system, RiskNucleus LOS. The solution will automate the bank’s consumer lending processes across its entire network of 37 branches and facilitate “moving towards a fully paperless environment”, BenchMatrix says.
The Institute for Development and Research in Banking Technology (IDRBT), set up by the Reserve Bank of India (RBI), has recently issued a whitepaper, “Applications of Blockchain Technology to Banking and Financial Sector in India”. We summarise the report and highlight the key findings.
Fintech zeitgeist! Welcome to the first in a new series of brief reports. 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. Anything goes, so here goes. Rome versus Carthage. Britain versus France. History shows […]
India’s Yes Bank is inviting fintech start-ups to take part in its Yes Fintech Accelerator Programme. The application process is open until 2nd February 2017.
Airtel Payments Bank, India’s “first” payments bank, has started national operations with services now live across the country. As Banking Technology reported in July 2016, telecoms giant Airtel was planning its own bank. It says it is a “fully digital and paperless” bank, and from today (12 January), over 250,000 neighbourhood Airtel retail stores across […]
India-based HDFC Bank is about to introduce its first “humanoid” branch assistant – Ira. The human-sized robot was built together with artificial intelligence (AI) company Asimov Robotics.
Axis Bank has become the first bank in India to use Ripple’s blockchain network for cross-border payments. The bank, the third largest in the private sector, will use the network for real-time settlement as it targets future growth. Amit Sethi, president and CIO at Axis Bank, says: “We will come out with solutions for our […]
A group of senior executives in India’s digital sector are looking to create a group of chief digital officers (CDOs) or equivalent in the country.
State Bank of India (SBI) is working on its own digital bank – SBI Digi Bank – which it plans to launch in the next three to six months.
Pakistan-based Samba Bank Limited, a subsidiary of Saudi Arabia’s Samba Financial Group, has gone live with new core banking software, Temenos’ T24 (R15).
ICICI Bank goes for Twitter, while HDFC Bank banks on Facebook Messenger.
Look back at some of the major payments projects in 2016, with Banking Technology’s top ten.
Money transfer firms WorldRemit and Xpress Money have partnered to unveil a remittance service to Pakistan. Through Xpress Money’s agent partner network, WorldRemit customers will be able to make instant money transfers to be collected at over 9,500 cash pick-up locations all over the country – including major banks, Al Habib Bank, Bank Alfalah, Bank […]
India-based National Commodity and Derivatives Exchange (NCDEX) has launched NextGen – a new trading and surveillance system developed by MillenniumIT (a trading tech subsidiary of London Stock Exchange).
Société Générale is partnering with Smartkarma, a curated online platform, for investment insight focused on the Asian markets. Under this global agreement, Société Générale will provide its institutional clients access to a “new form” of equity research based on “demand driven and customised content”. Société Générale says it is the first global investment bank to […]
Rising cybercrime in India is no secret. According to a report by Symantec, India now ranks third in the world, after the US and China, as a source of malicious activity. In fact, the National Crime Records Bureau data reveals that in the three years up to 2013, registered cases of cyber crime were up 350%, from 966 to 4356. Dubious distinctions both, and give banks and the financial sector in India cause for worry.
India’s second largest bank, Bank of Baroda, is calling on fintech start-ups to solve the challenge of paying blue-collar workers.
Where is India with the adoption of the eXtensible Business Reporting Language (XBRL) so far, and what is the outlook for the future?
Bangladesh’s central bank is hoping to get back $30 million more of the $81 million stolen from its account at the New York Federal Reserve in February, according to Reuters. As Banking Technology reported earlier this year, Bangladesh Bank said a total of $101 million was “wrongly transmitted”, of which $20 million went to a […]
City Union Bank (CUB) has become the first bank in India to introduce a robot to deal with customer queries. Called Lakshmi, the robot is based on the IBM Watson artificial intelligence (AI) engine.
India-based A.P. Mahesh Co-operative Urban Bank is looking to upgrade or replace its legacy core software technology provided by domestic vendor Infrasoft Technologies.
Intellect Design Arena’s lack of profit has worsened as it reveals a loss after tax of INR 138 million ($2 million) for the quarter ended 30 September 2016. As Banking Technology reported for its previous quarter results, it had a loss after tax of INR 55.2 million ($826,690) for the quarter ended 30 June 2016. […]
India-based Five-Star Business Finance is modernising its lending operations with a new platform, FinnOne Neo, provided by local specialist vendor Nucleus Software. The solution will be delivered in the cloud. Five-Star is a non-banking finance company, and provides small business and small housing loans to “underbanked customers”. It chose FinnOne Neo to “help scale [its] […]
Mahindra Finance has launched a global SME challenge with KPMG and fintech matchmaking service Matchi. Companies are invited to respond with a solution that fits any of the SME-focused categories listed below. Balaji Rangachari, head of SME finance at Mahindra Finance, says the challenge is a “step towards finding existing solutions which we can adapt […]
Nucleus Software’s consolidated revenue has moved up for the second quarter of FY 2017 – standing at IND 956 million ($14.8 million) compared to IND 847 million ($12.6 million) in Q2 of the previous year. For the quarter ended 30 September 2016, EBIDTA was IND 141 million ($2.1 million) in comparison to IND 17 million […]
ATMs at some of India’s biggest banks have suffered a malware attack, with around 3.2 million debit cards now at risk. Most of the affected cards belong to HDFC Bank, ICICI Bank, State Bank of India (SBI) and Yes Bank. The malware potentially means unauthorised individuals can get access to the data on debit cards […]
India-based microfinance entity Ujjivan Financial Services is converting into a small finance bank (SFB), and has signed for Financial Software and Systems’ (FSS) end-to-end payments solution.
Yes Bank, India’s fifth largest in the private sector, has partnered with Lastmile.mobi to introduce the IRIS EMV POS solution. The device allows biometric authentication through iris scanning, and can act as a POS terminal as well as an ATM. Lastmile.mobi provides a cloud-based platform accessible by a biometric enabled mobile device. The solution integrates […]
Indian firm Aditya Birla has chosen the Infosys Finacle core banking system for its upcoming joint venture (JV), Aditya Birla Idea Payments Bank. Aditya Birla has got in-principle approval from the Reserve Bank of India and plans to set up the new payments bank by the end of its financial year (2016-17). Aditya Birla will […]
Bakhtar Bank, a wholly owned subsidiary of Azizi Bank in Afghanistan, has selected JMR Infotech to implement Oracle FSS’s Flexcube core banking system. Banking Technology understands that Flexcube will replace Malaysia-based Infopro’s ICBA, which had been in use since 2009. Azizi Bank also selected Flexcube as its core system. The deal was signed in 2014. Amer Khalil […]
This time we have a genuine Uber moment in fintech. Standard Chartered and Uber are partnering to offer the bank’s credit cardholders cashbacks on Uber rides. This is the “first ever multi-market partnership” for both of them. The deal is for six markets – Singapore, Indonesia, Malaysia, Vietnam, India and the United Arab Emirates – […]
India-based HDFC Bank has selected Backbase to deliver its new digital omnichannel banking platform, running both its online and mobile banking apps. The mobile banking app, digital banking portal, and web site will run on the Backbase Omnichannel Digital Banking Platform. Backbase will combine HDFC Bank’s existing core banking and back-end applications with its platform. […]
TEB (Türk Ekonomi Bankası) in Turkey has launched a fintech programme and wants the nation’s entrepreneurs and start-ups to get in touch. Why? TEB says: “Because the day will arrive when a technology giant will come from Turkey too.” TEB will provide start-ups with its infrastructure, experience, financial support for their first project, and “even […]
What were the most popular mobile banking apps (on Android) in India in August 2016? We reveal the stats for the top ten apps in India, ranked taking into account two engagement metrics – current installs and active app users.
IT services integrator Wipro has set up a blockchain research facility at its Bengaluru campus in India to help its engineers build applications. Wipro is working with a number of unnamed start-ups to scale up the business, and with scant regard to detail it says some pilot projects should be completed soon. Being vague is […]
Bank of Bhutan, the country’s oldest and largest bank, has ditched Oracle FSS’s Flexcube and gone live on TCS Financial Services’ Bancs core banking system. TCS says all existing customers, accounts, lending and internet banking subscribers were migrated from Flexcube (which was originally installed at the bank in 2008) to TCS Bancs. The bank selected […]
PayU has bought Citrus Pay for $130 million – the “largest ever M&A cash deal” in India’s fintech space. The deal is part of PayU’s growth plans and it claims its number of customers in India will grow to more than 30 million, processing a forecasted 150 million transactions in 2016 worth a combined $4.2 […]
India-based Capital Small Finance Bank has rebranded from Capital Local Area Bank as part of its digital transformation programme. For its technology, it has decided to stick to its existing provider, Intellect Design Arena and its core banking platform, Intellect Suite. Capital Small Finance Bank, after conversion from Capital Local Area Bank (which was founded […]
Digital-only B1NK, part of Capital Bank Kazakhstan, has unveiled the region’s “first” chat and payments bot – using Telegram Messenger. The bank says its customers can send money to friends and manage their cards all via the messenger service. Gani Uzbekov, CEO, Capital Bank Kazakhstan (B1NK), says: “Today only a couple of tier-2 banks in […]
Payments firm PhonePe and Yes Bank have teamed up to launch India’s “first” UPI (Unified Payments Interface) based mobile payments app. UPI was launched in April by the National Payments Corporation of India (NPCI) – with Yes Bank being one of the 21 banks recently going live. UPI offers instant, online bank payments, and is […]
