A look at the companies demoing at FinovateFall in New York on September 9 and 10. Register today using this link and save 20%. BankShift BankShift is a brand-on-banking ecosystem for digital banking platforms, crafted by humans with experience in digital-first and data-driven innovations from leading financial institutions and brands. Features Leverage free API gateway for real-time vendor monitoring Elevate operations and engagement with intuitive web admin portal Scale platform with patent-pending branding technology Who’s it for? BankShift harmonizes brands with banking technology, enabling community banks and credit unions to seamlessly embed their digital banking ecosystems within a brand’s app to create new revenue streams. Carrington Labs Carrington Labs empowers financial institutions with explainable AI solutions to enhance credit risk scoring and loan limit recommendations, driving more informed and inclusive lending decisions. Features Enhances credit risk modeling, maximizing loan approvals Reduces loan default risk, leveraging default elasticity analysis Delivers product-specific loan limit recommendations, increasing margins Who’s it for? Banks, credit unions, payment providers, and financial institutions focused on unsecured consumer lending. Delfi Labs Delfi Labs is a financial technology company that provides an AI-enabled SaaS copilot to help enterprises of all sizes protect themselves from financial market volatility. Features Non-generative AI, Oracle: provides actionable strategies in minutes Risk analytics, Overwatch: offers advanced simulations for markets, balance sheets, and securities Delivers powerful yet intuitive dashboard Who’s it for? Delfi’s initial focus is to serve community banks, credit unions, and financial asset managers in optimizing their balance sheets and structuring risk management strategies in real-time. Odynn Odynn is an embedded fintech, AI/ML, loyalty optimization program management platform for travel tech. Odynn has re-imagined customer loyalty while generating significant revenues for its partners. Features Delivers next-gen program management platform (holistic travel portal) Offers live pricing in points, miles, and cash, for every major travel loyalty program Generates personalized redemption recommendations for end users Who’s it for? Banks, FIs, regional banks, credit unions, corporate travel management companies, travel techs, fintechs, and neobanks. PointChain PointChain is an intelligent risk management platform designed to bring proactive compliance and risk controls to the forefront. They are focused on delivering real-time transaction monitoring and regulation filings. Features Illustrates real-time transaction monitoring Highlights how a bank can deal with a flagged transaction (Request for Information) Includes intelligent SAR/CTR Filings Who’s it for? Banks, credit unions, credit card companies, and financial service providers who are required to implement and adhere to stringent BSA and AML policies. Speakeasy Speakeasy enables fintechs and financial institutions to grow API user adoption and streamline integrations with auto-updated robust SDKs, Terraform providers, and documentation. Features Accelerates integrations with SDKs Prevents breaking changes with testing Guarantees consistency with governance Who’s it for? Any company working in the financial space that has an API — whether available to the public or for private, internal company use only. Zingly.ai Zingly.ai empowers businesses to deliver value across the entire customer journey by seamlessly blending data, GenAI, and humans in persistent digital spaces for personalized, lasting relationships. Features Creates persistent digital spaces for ongoing, personalized customer interactions Delivers seamless integration of data, GenAI, and human touch Offers goal-oriented GenAI for acquisition through support and upsell Who’s it for? Zingly.ai serves businesses from Fortune 500-scale to SMBs in banking and financial services. The post FinovateFall 2024 Sneak Peek Series: Part 5 appeared first on Finovate.      Related StoriesFinovateFall 2024 Sneak Peek Series: Part 4FinovateFall 2024 Sneak Peek Series: Part 3FinovateFall 2024 Sneak Peek Series: Part 2 

What themes will dominate the conversation at FinovateFall next month in New York (September 9-11)? Many of the popular themes in recent years still endure. The customer is still king. Data and personalization matter. And payments, in the words of one clever panelist many Finovates ago, continues to be the “gift that keeps on giving.” But in some ways these issues have been, if not eclipsed, then perhaps subsumed by enabling technologies like AI, machine learning, and what I call “Automation 2.0” – the leveraging of AI technology to automate a growing range of business operations and manual tasks. These technologies have brought new energy to sectors such as lending and payments. They have raised the stakes on what it means to provide truly personalized financial services. And when it comes to the customer, these enabling technologies promise new and exciting ways to engage them and deliver digital experiences that would have been hard to imagine even a few years ago. In fact, I’d argue that some of the themes we see in the word cloud above, such as “compliance,” “security,” and “fraud,” are more prominent than before not simply because of the growing impact of financial crime or fresh concerns over regulatory priorities, but also because of the way that enabling technologies such as AI, machine learning, and automation have given fraud fighters and compliance teams new tools to keep consumers safe and company operations compliant. If these themes resonate with you, then remember that at Finovate, what you see is what you get. Each of these themes has at least one, if not two or three, innovative companies who will be demoing their response to these challenges and opportunities live on stage next month at FinovateFall in New York. Check out our Finovate Sneak Peek series, as well as our evolving FinovateFall agenda, to learn more. The post From AI to Wealth Management: The Themes of FinovateFall 2024 appeared first on Finovate.       

Wealth management solutions and technology company SigFig has added a number of new capabilities to its financial advisor collaboration platform, Engage. The new capabilities include a range of AI-powered tools and solutions to enhance client engagement and boost efficiency for advisors and their teams. San Francisco-based SigFig has been a Finovate alum since its FinovateFall debut in 2011. Digital wealth management solutions and technology provider SigFig announced a range of new capabilities for its financial advisor collaboration platform, Engage. These new capabilities include AI-powered tools and solutions that boost the effectiveness of advisors and their teams. SigFig also has added enhanced core integrations with leading industry systems to promote greater efficiency. Together, the new functionalities enhance the digital experiences available via the platform and deepen client engagement. “AI has the ability to dramatically increase financial advisor productivity and effectiveness,” SigFig founder and CEO Mike Sha said. “We know that advisors need to be able to focus on fostering impactful relationships with their clients, truly understanding their pain points and goals. Engage acts as a hub to drive richer, more personalized client experiences, taking care of those time-consuming, but necessary, administrative tasks, so advisors can do exactly that.” The new AI capabilities include AI-powered smart tips, including in-meeting prompts and customized recommendations based on real-time conversation analysis. Engage will now also feature proactive surfacing of the right content, tools, paperwork, and workflows, all based on an analysis of real-time discussions. Other new AI-driven additions include automated transcripts, meeting summaries, and post-meeting notes. Streamlining integration with systems from Salesforce, Docusign, Microsoft, and Google is another major platform enhancement announced by the company late last week. The CRM integration, for example, creates a bi-directional data synch that enables advisors to view client data on the Engage platform as well as sync meeting notes, client details, meetings, and other tasks into Salesforce. This not only helps advisors provide more personalized advice, but also helps advisors accelerate the sales process as well as client conversions. SigFig made its Finovate debut at FinovateFall 2011. In the years since then, the company has grown into a comprehensive digital wealth solutions business with nearly 1.5 million customers and 6,000+ advisors on its platform. The firm, founded in 2006 and headquartered in San Francisco, counts financial institutions such as UBS, Wells Fargo, and Scotiabank among its partners. Are you an innovative fintech with new technology that’s ready for prime time? Join us in New York next month for FinovateFall and take advantage of the opportunity to showcase your solution before an audience of 2,000+ decision-makers. Photo by AbsolutVision on Unsplash The post SigFig Brings AI to its Financial Advisor Collaboration Platform Engage appeared first on Finovate.       

Finovate’s Fintech Rundown is here with a look at some of the top fintech headlines. From startups emerging from stealth flush with capital to the launch of new AI-powered fraud fighting technologies, we’ve got you covered. Be sure to check back all week long for the latest updates. Regtech Risk and compliance company Unit21 introduces new anti-fraud technology for ACH transactions. Payments PayPal integrates with payroll provider UKG to offer early wage access. Payments company D24 forges a strategic partnership with payments orchestration platform Yuno. Nigeria-based B2B payments and liquidity platform for emerging markets businesses Waza emerges from stealth with $8 million in funding. Identity management Biometric authentication solutions company IDEX Biometrics names Catharina Eklof as its new CEO. Crypto / DeFi German neobank N26 expands its cryptocurrency trading product, N26 Crypto, to five new European nations: Belgium, Germany, Ireland, Portugal, and Switzerland. Worldwide Stablecoin Payment Network (WSPN) raises $30 million in seed funding. Decentralized finance (DeFi) risk management platform Chaos Labs secures $55 million in Series A funding. Stablecoin-to-fiat money transfer app Sling Money locks in $15 million in funding. Lending Embedded finance fintech Amount secures $30 million to fuel its expansion into the credit union industry. Digital banking Challenger bank Starling Bank launches its first savings account offering 3.25% interest. Wealth management Cloud-based wealth management solution provider FusionIQ partners with wealthtech provider interVal to deliver new technology solutions to financial advisors. Photo by Roman Kraft on Unsplash The post Fintech Rundown: A Rapid Review of Weekly News appeared first on Finovate.       

This week’s edition of Finovate Global highlights recent fintech headlines from Ireland. Dublin-based regtech Fenergo has inked a partnership with Caribbean-based PROVEN Bank. The financial institution will leverage Fenergo’s transaction monitoring solution to enhance and streamline its anti-money laundering (AML) compliance operations. PROVEN Bank Deputy Chief Executive Officer Nikita Kissoon underscored increasing regulatory pressure on financial institutions as one of the reasons the bank sought the partnership with Fenergo. Kissoon praised the company’s “excellent reputation for expertise in both AML regulations and cutting-edge compliance technology,” and said that enhanced AML compliance “aligns with our commitment to combat financial crime and remain future-proofed against fast-evolving regulatory changes across our offshore locations.” Fenergo’s technology will help boost operational efficiency for the Caribbean-based financial institution. PROVEN Bank will benefit from the automation of multiple manual AML processes, which will reduce the number of false positives and free up compliance resources to focus on more complex situations and higher-risk customers. The bank will begin deploying the technology at its Cayman Islands location and subsequently expand the solution to its offices in St. Lucia and its affiliate company, PROVEN Wealth, based in Jamaica. The partnership is especially timely. The Cayman Islands, where PROVEN Bank is based, was only recently removed from the Financial Action Task force’s AML grey list and the European Union’s black list earlier this year. Fenergo Chief Strategy Officer Stella Clarke pointed out that banks like PROVEN that operate in multiple jurisdictions often struggle to keep up with local regulations with regards to AML. “Our transaction monitoring solutions offers PROVEN Bank the flexibility to seamlessly adapt to fast-evolving regulatory environments, while empowering it to more effectively cross-sell services to existing customers based on rich data insights,” Clarke said. Fenergo made its Finovate debut 12 years ago at FinovateEurope in London. The company has raised more than $760 million in funding, and includes TLG Capital and Bridgepoint among its investors. Fenergo’s partnership news comes at the same time that the firm announced that it had formed an alliance with Deloitte Ireland to help deliver Fenergo’s CLM solutions to financial institutions throughout EMEA. The Bank of Ireland wants you! If you are a technology specialist looking to drive fintech innovation in the Republic, that is. The Bank of Ireland just announced that it is recruiting for 100 technology roles in a variety of digital projects, including fighting fraud and advanced data analytics. The Bank is specifically looking for talent with experience in data, delivery management, engineering, resilience and cybersecurity. Open banking, cloud computing, APIs, and AI are also among the areas of emphasis. “We continue to invest in our talent, technology, and infrastructure to ensure customers have the very best banking services,” Bank of Ireland Group Chief Operating Officer Ciarán Coyle said, “We’re currently progressing a range of innovative digital projects across the Group and we want to recruit talented specialists who can enhance the banking experience for our customers.” The bank’s search for tech talent comes as the institution has increased its investment in financial technology. After making more than 60 enhancements to its mobile banking app, including biometrics and fraud monitoring, the bank saw an 18% year-on-year increase in active digital users. The bank announced the largest single investment in ATMs in the last decade earlier this year, as well as an investment of €15 million on new fraud prevention technology. “We are looking for the very best talent to join our technology team as we continue to deliver improvements for customers and colleagues across the organization,” Coyle said. To find out more about the current available roles, visit the Bank of Ireland’s website. Ireland’s PTSB has extended its agreement with Worldpay, giving the bank’s customers access to an additional range of services from the company, including e-commerce and ePOS. PTSB will also gain access to Worldpay DCC, a dynamic currency conversion solution that allows cardholders to pay in the currency of their choice. PTSB Head of Personal Banking at PTSB Jeff Harbourne said that the ability to offer “a best-in-class merchant services solution” was key to the bank’s “ambition of becoming Ireland’s best personal and business bank.” Harbourne added, “By partnering with Worldpay, we’re offering a competitive advanced payments solution to our existing and new customers that enables them to grow their businesses and accept payment across all channels.” With more than 1.2 million customers, PTSB has a presence in 98 locations throughout Ireland. Founded in 1816, the financial institution rebranded from Permanent TSB last fall following its acquisition of a sizable portion of Ulster Bank, including the firm’s Retail, SME, and Asset Finance businesses. A Finovate alum since 2015, WorldPay today is a major payments technology and solutions company that processes more than 40 billion transactions across 146 countries and 135 currencies. Headquartered in Cincinnati, Ohio, and founded in 1971, WorldPay announced an extension of its strategic partnership with fellow Finovate alum ACI Worldwide in July, and inked a new partnership with another Finovate alum, American Express, in May. Here is our look at fintech innovation around the world. Latin America and the Caribbean Colombian payment orchestration platform Yuno teamed up with Medellin-based financial services app Nequi. Mexico City-based cryptocurrency exchange Bitso partnered with blockchain company Coincover for its non-custodial disaster recovery service. Peruvian investment and asset management arm of Credicorp, Credicorp Capital, went live with Temenos’ Multifonds accounting and investor servicing solution. Asia-Pacific Thailand announced plans to launch a regulatory sandbox to test crypto-based services and solutions. Financial Times profiled Kim Beom-su, founder of Kakao and one of the richest men in South Korea, who was recently arrested on stock manipulation charges. Digital identity verification provider ADVANCE.AI signed an agreement with the Credit Information Corporation (CIC) to become the newest credit bureau in the Philippines. Read more about fintech in the Philippines in last week’s edition of Finovate Global. Sub-Saharan Africa Nigerian payment gateway SeerBit forged a strategic partnership with digital bank Kuda. Kenya’s Central Bank announced plans to begin tracking large cash deposits and transfers. Sanlam and Allianz launched their joint venture brand, SanlamAllianz, in Ghana. Central and Eastern Europe Latvia’s Magnetiq Bank inked a collaboration agreement with the Fintech Latvia Association (FLA). Estonian payments and e-commerce solution provider Montonio introduced its new CEO Johan Nord. Payments infrastructure company Kevin has been blocked from serving new clients by the Bank of Lithuania, which has also appointed a “temporary representative to oversee” the firm’s activities. Middle East and Northern Africa Singapore’s Prytek bought a controlling stake in Israeli fintech Tip Ranks, giving the company a valuation of $200 million. UAE-based fintech Yuze raised $30 million in funding from Osten Investments to fuel expansion into new markets. Arab Financial Services (AFS) teamed up with Samsung Gulf Electronics to bring Samsung Pay to Oman. Central and Southern Asia India’s Axis Bank teamed up with Visa to launch its ultra-premium credit card, Primus. Vayana, a trade finance platform based in India, raised $20.5 million in funding. The Astana Times looked at the growth of Kazakhstan’s fintech market. Photo by Kelly The post Finovate Global Ireland: Payments, Regtech, and a Central Bank’s Search for Tech Talent appeared first on Finovate.       

For the first time, FinovateFall 2024 (September 9-11) will showcase innovations in wealthtech. From AI-powered analysis and decision-making to embedded technologies that are democratizing the world of investing, now is a great time for asset managers, RIAs, and others looking to leverage technology to boost their wealth management businesses. “Finovate spotlights cutting-edge technology and finserv themes dominating industry news,” Finovate VP and Demo Director Heather Stowell said. “The Great Wealth Transfer has been at the forefront of conversations, and we’re excited to showcase several startups innovating within wealth management and investing.” Indeed. In its annual survey of wealth managers, Acuity Knowledge Partners noted that the intergenerational wealth transfer was a major opportunity and challenge facing asset managers. Additionally, survey respondents also expressed a desire for comprehensive solutions for estate, tax, and retirement planning. Growing revenues via customized research offerings was also mentioned as a goal, along with managing costs while embracing digitalization and new, enabling technologies like AI. Below are six companies offering wealthtech solutions this year at FinovateFall 2024 in New York. For more on our wealthtech offering at FinovateFall next month, check out Wealthtech at FinovateFall: Client Centricity and the Rise of Alternative Assets. Eko Investments Offers investments to all clients starting from $10, and not just the top 1% via a financial advisor. Headquartered in New York. Founded in 2021. LinkedIn. GPTadvisor Empowers financial institutions with AI tools for optimized decision-making, streamlined workflows, and improved client advisory, driving business growth and operational excellence. Headquartered in Madrid, Spain. Founded in 2023. LinkedIn. illuminote Enables financial institutions and advisors to authenticate registered client legal estate records with confidence, providing access to authenticated data without expensive tech integrations. Headquartered in Santa Rosa, California. Founded in 2022. LinkedIn. QuAIL Technologies Automates processes and increases productivity so organizations can spend less time managing and more time growing. Headquartered in Pittsburgh, Pennsylvania. Founded in 2022. LinkedIn. TIFIN AG Uses AI and ML to deliver actionable insights, helping financial advisors make data-driven decisions that boost client acquisition, expansion, and retention, achieving organic growth. Headquartered in Charlotte, N.C. Founded in 2023. LinkedIn. TradingValley Empowers companies that adopt its AI investing model that reduces the investing research time for both individual and institutional investors. Headquartered in Taiwan. Founded in 2015. LinkedIn. Are you an innovative fintech with new technology that’s ready for prime time? Join us in New York next month for FinovateFall and take advantage of the opportunity to showcase your solution before an audience of 2,000+ decision-makers. The post FinovateFall to Showcase Innovations in Wealthtech and Wealth Management appeared first on Finovate.       

A look at the companies demoing at FinovateFall in New York on September 9 and 10. Register today using this link and save 20%. APIMatic APIMatic’s developer experience platform adds a layer of technology between fintech APIs and developers to make integrations faster through automation and AI. Features Automates the creation of SDKs Includes dynamic use case guides Delivers AI-generated integration code Who’s it for? Payment providers, banks, and fintech startups. Corsound AI Corsound AI enhances security against voice fraud with patented voice-to-face technology and deepfake detection, backed by over 200 autonomous AI patents. Features Offers revolutionary security – the future of verification technology Delivers unique voice-to-face matching that matches a face to a voice without a database Provides deepfake detection: No enrollment needed, agnostic to new tools Who’s it for? Banks, credit unions, identity verification companies, and more. CSS CSS introduces IMPACT 3.0, an innovative debt collections platform with AI Copilot Assistants, enhancing compliance, efficiency, and debtor communication. Features AI Collector Copilot: Real-time collections advice for agents AI Automation: Design processes by chat AI Executive Insights: Instant financial and performance data by chatting Who’s it for? Credit grantors, loan servicers, billing agencies, collections agencies, hospitals, government taxing authorities, legal collections firms, debt buyers, banks, and credit unions. GPTadvisor GPTadvisor is the assistant for wealth managers. Their advanced generative AI, in a powerful SaaS platform, enhances productivity for wealth managers across day-to-day activities. Features Provides conversational investment product analysis Includes portfolio reporting and analysis Delivers hyper-personalized advice Who’s it for? Commercial banks with a private banking arm along with purely wealth management and advisory firms. GPTadvisor’s product also fits the needs of IFAs and includes a licensed SaaS version, as well. QuAIL Technologies Q(Fin) by QuAIL Technologies allows financial advisors to elevate productivity and grow their business with powerful AI that is safe, secure, and compliant. Features Elevates productivity through automated workflows Enhances customer engagement with highly personalized content Improves investment outcomes with deeply integrated AI Who’s it for? Registered Investment Advisors and wealth managers. Synctera The Synctera Platform equips banks with the tools, infrastructure, and data insights they need to scale a compliant sponsor banking program. Features Efficiently manages compliance with a complete set of tools and workflows Centralizes data and streamlines reconciliation with the Synctera Ledger Maintains complete data visibility Who’s it for? Banks and companies launching fintech or embedded banking products. TIFIN AG Through advanced artificial intelligence and machine learning, rich data partnerships, and data science expertise, TIFIN AG provides personalized and actionable insights to drive organic growth. Features Unifies data and delivers AI-driven insights and recommendations Empowers advisors to make data-driven decisions Enhances client growth and retention Integrates seamlessly with existing technology Who’s it for? RIAs, broker-dealers, wealth managers, banks, credit unions, and insurance platforms. The post FinovateFall 2024 Sneak Peek Series: Part 4 appeared first on Finovate.      Related StoriesFinovateFall 2024 Sneak Peek Series: Part 3FinovateFall 2024 Sneak Peek Series: Part 2FinovateFall 2024 Sneak Peek Series: Part 1 

The battle against fraud is a never-ending one. And recent fintech news headlines have helped remind us all of how broad the frontlines are. From the challenge of AI-powered deepfakes to the sad fact that many of our own bad habits continue to keep fraudsters in business, fintechs are busy developing solutions to help us get and stay at least one step ahead of the bad guys. Here are a trio of stories highlighting the latest efforts by fintechs to combat financial crime. Digital identity verification innovator Socure has unveiled its Selfie Reverification solution. The new capability provides a way to validate return consumers online in less than two seconds with just a selfie. The technology matches incoming selfies with previously verified ID headshots, and features a true match rate of 99.9%. Built on the company’s Document Verification (DocV) solution, Selfie Reverification also detects signs of deepfaking, and readily identifies age discrepancies between the photo and the credential. “Identity verification isn’t a one-time event. As consumers interact with an online service over time, their risk profile can change. That’s why it’s important to determine you are still who you say you are, without going through the full verification process again,” explained Socure Chief Product and Analytics Officer Pablo Abreu. Selfie Reverification prompts the user to take a self, and sends real-time feedback on positioning, angle, and lighting. Once taken, the selfie undergoes a Level 2 NIST PAD compliant liveness check to prevent spoofing, as well as Socure’s injection attack detection process which makes sure that a fraudster has not injected a false or altered credential into the session. Lastly, the selfie is compared against a set of hundreds of thousands of curated deepfake samples created by more than 20 different AI generators. The technology leverages biometric analytics to evaluate more than 80 facial features, from eye distance and nose width to jawline contours and emotional expression, to create a facial map and ensure an accurate match. Use cases for Selfie Reverification include preventing account takeover, securing high-risk transactions, streamlining account recovery and re-verification/re-validation, and more. Founded in 2012 and headquartered in New York, Socure most recently demoed its technology on the Finovate stage at FinovateFall 2017. Today, the company has more than 2,500 customers, including four of the top five banks, the top credit bureau, and 400+ fintechs. Businesses ranging from Capital One and SoFi to DraftKings and the State of California rely on Socure’s technology for accurate identity verification and fraud prevention. Johnny Ayers is Socure’s founder and CEO. Digital banking solution provider Alkami has added credential stuffing protection to the challenge-response authentication process for its digital banking platform. The new functionality automatically checks for human behavior in the background, but does not require visual puzzles or any additional time spent by the user. “This enhancement in Alkami’s platform has given us the ability to provide an additional layer of security for our account holders,” Quontic Bank SVP of Digital Banking Grace Pace said. “The secure and seamless login experience has contributed to reducing potential fraudulent activities, offering our customers greater peace of mind without added complexity.” Credential stuffing refers to a type of cyberattack in which a hacker uses credentials obtained through data breaches or purchased from the dark web in order to attempt to access another service. A typical case of credential stuffing, for example, could involve a hacker using the credentials from a breach at a retail store to attempt to log into a bank’s website. Credential stuffing is a common attack in part because it takes advantage of the tendency of individuals to reuse usernames and passwords. But its commonality takes nothing away from the damage these attacks do. One estimate determined that credential stuffing costs businesses $6 million a year on average, to say nothing of the negative reputational impact that often accompanies it. The addition of credential stuffing protection is the latest example of Alkami’s layered approach to fraud detection and prevention in digital banking. “Alkami continues to evolve its platform as the security threats change for our customers, and we’re proud to integrate credential stuffing as part of our standard solution for everyone,” Alkami Director of Product Management Brad Cranford said. “Our goal is to help our customers manage security while providing the best experiences for their account holders.” Headquartered in Plano, Texas, Alkami made its Finovate debut in 2009 as “IThryv.” Alex Shootman is CEO. Data and technology company Experian is adding behavioral analytics to its fraud detection capabilities courtesy of a newly announced acquisition of NeuroID. More specifically, Experian is looking to bolster its defenses against AI-generated fraud threats. With their ability to apply fraud detection strategies to key vulnerabilities such as origination and account management, insights from behavioral analytics can help mitigate fraud in real time and defend users against a range of malevolent actions including identity theft, account takeover, bot attacks, and fraud rings. “Our acquisition of NeuroID highlights our commitment to provide our clients with world-class data, analytics, and insights to prevent fraud,” said President of Experian’s North American Identity & Fraud business, Robert Boxberger. “Together with NeuroID, we’re excited to build new blended offerings that detect risk but also empower businesses to confidently navigate the online landscape and trust in their transactions.” He added, “In today’s highly competitive and digital-first world, the use of behavioral analytics is now vital for innovating for the future of fighting fraud.” NeuroID’s solutions are now available via CrossCore on the Experian Ascend Technology platform. The integration will enable platform users to use a single service provider to monitor and analyze real-time digital activity. “NeuroID unlocks a new view into a user’s riskiness based on behavioral interactions,” NeuroID CEO Jack Alton said. “This view arms companies with a proactive, first line of defense to detect sophisticated fraud rings and bot attacks. By joining forces with Experian, we’re looking forward to helping companies confidently navigate this new era with solutions that enable more secure and frictionless experiences.” A Finovate alum since 2011, Experian most recently demoed its technology at FinovateFall in New York in 2018. Headquartered in Dublin, Ireland, the company employs more than 22,000 people, including more than 9,000 technologists and product developers, working in 32 countries. Are you an innovative fintech with new technology that’s ready for prime time? Join us in New York next month for FinovateFall and take advantage of the opportunity to showcase your solution before an audience of 2,000+ decision-makers. Photo by Patrick Tomasso on Unsplash The post 3 Ways Fintechs are Helping Financial Institutions Fight Fraud appeared first on Finovate.       

Streamly Fintech Insights offers unique opportunities to hear from some of the most innovative personalities in fintech and financial services. Streamly’s interviewees range from entrepreneurs and investors who are helping build and fund tomorrow’s fintech solutions today to analysts and regulators whose job it is to ensure that the interests of consumers are heard and the rights of citizens are protected. This week, we’re sharing six new conversations from Streamly’s Fintech Insights series. Lord Chris Holmes, Peer at House of Lords, on the Future of Finance in the U.K. Dharmesh Mistry, CEO at Vision 20 20 Consulting Ltd., on Embedded Finance and Banking-as-a-Service Danny Preiskel, Senior Partner at Preiskel & Co. LLP, on Navigating Legal Fintech Challenges Ken Munro, Managing Partner at Pen Test Partners LLP, on Securing Fintech, Hacking Smart Devices, and the U.K. PSTI Law Dr. Fabio Dias, Managing Partner at Stalwart Holdings, on Unlocking Hedge Fund Strategies for Retail Investors Andrew Churchill, Director at Technology Strategy, on Exploring Fintech Innovation and Cybersecurity The Future of Finance in the U.K. Embedded Finance and BaaS Navigating Legal Fintech Challenges Securing Fintech: Hacking Smart Devices and the U.K. PSTI Law Unlocking Hedge Fund Strategies for Retail Investors Exploring Fintech Innovation and Cybersecurity Photo by Donald Tong The post Streamly Fintech Insights: From the Future of Finance to Innovations in Cybersecurity appeared first on Finovate.       

Financial crime compliance platform Lucinity announced a strategic partnership with AI data management company Knights Analytics. The partnership will bring advanced AI-powered data management capabilities to bear to fight financial crime. Lucinity made its Finovate debut at FinovateSpring 2023 in San Francisco. Lucinity has forged a strategic partnership with Knights Analytics, bringing advanced AI data management capabilities to its financial crime compliance platform. The integration will enable Lucinity customers to consolidate, standardize, and reconcile their data within Lucinity’s unified Case Management system. The strategic partnership will also introduce additional ways to deploy Generative AI capabilities, including entity resolution, network analysis, and automated data extraction from documents. Users can also engage with their data via Lucinity’s AI copilot Luci, which offers actionable insights that are both intuitive and fully explainable. “We are thrilled to simplify the ability to integrate more data within Lucinity’s platform,” Knights Analytics CEO Alex Ridden said. “Combining our data matching and entity resolution solutions with Lucinity ensures financial institutions make the most of their data. Financial institutions these days are sitting on a wealth of information that they don’t utilize effectively.” Knights Analytics helps companies extract insights from large and siloed datasets. The firm specializes in combining graph analytics and AI, transforming structured and unstructured data into a high-quality, unified data layer. Leveraging innovations in data linkage and entity resolution technologies, Knights Analytics enables businesses to build a solid data foundation from which they can accelerate business processes and derive actionable insights. “Partnering with Knights Analytics will take the Luci AI copilot to the next level by enhancing data accuracy, reducing manual analysis, and increasing the reliability of financial crime investigations through advanced data linkage and profile analysis,” Lucinity CEO Guðmundur Kristjánsson said. “This integration will unlock new use cases like on-demand entity resolution, enabling AI-driven automations and insights to streamline case investigations.” Lucinity made its Finovate debut last year at FinovateSpring 2023. At the conference, the Reykjavik, Iceland-based company demonstrated its AI-powered copilot, Luci. Luci can conduct internet searches, background checks, fraud detection, sanctions screening, and more. This ability to manage and streamline tedious and time-consuming tasks enables compliance professionals to focus their decision-making on more complex issues. Lucinity was founded in 2018. The company has raised more than $25 million in funding, according to Crunchbase. Keen Venture Partners and Experian are among the firm’s investors. Last month, Lucinity won the 2024 ICA Award for Innovation in Financial Crime Prevention for its Luci copilot. The company has also received accolades in recent months from Chartis Research and Microsoft, which named Lucinity one of its partners of the year for both its technological innovation and its commitment to “significant social impact and growth.” Read our profile of Lucinity from earlier this year. Photo by Vlada Karpovich The post Lucinity and Knights Analytics Leverage AI to Enhance Financial Crime Compliance appeared first on Finovate.       

FORUM Credit Union has selected Apiture’s Business Banking solution to enhance its commercial digital banking experience. FORUM Credit Union anticipates the move will expand its commercial member base. “The comprehensive functionality available in Apiture’s Business Banking solution coupled with the company’s commitment to innovation made Apiture the right choice for our members and employees,” said FORUM Credit Union Chief Technology and Risk Officer Cameron Piercefield. Digital banking solutions provider Apiture announced today that FORUM Credit Union will use the fintech’s digital banking capabilities to power its commercial digital banking suite. FORUM, a $2.1 billion, not-for-profit cooperative based in central Indiana, selected Apiture’s Business Banking solution to enhance the online and mobile banking experience for its commercial members. The credit union is also hoping to expand its commercial member base. FORUM was interested in Apiture’s ability to create a customized tool that integrates with its existing retail banking solution. “As a member-owned organization with the mission of ‘helping members live their financial dreams,’ FORUM is committed to providing technology solutions that optimize our members’ banking experience,” said FORUM Credit Union Chief Technology and Risk Officer Cameron Piercefield. “The comprehensive functionality available in Apiture’s Business Banking solution coupled with the company’s commitment to innovation made Apiture the right choice for our members and employees.” Apiture was founded in 2017 to help credit unions compete with larger banks and credit unions when it comes to digital banking experiences. The company’s solutions, which work with more than 40 cores, offer both consumer and commercial banking experiences, along with account opening, embedded banking, and data intelligence tools. Powering these capabilities are Apiture’s network of more than 200 pre-vetted fintech partners, including Glia, Deluxe, MX, Mambu, and DefenseStorm. “We are proud to partner with FORUM Credit Union to support its growth objectives and drive member satisfaction,” said Apiture CEO Chris Babcock. “With integrations to more than 200 best-of-breed fintech partners and an API-first approach that enables rapid innovation, our Business Banking solution will empower FORUM to deliver a fully featured banking experience that supports businesses of all sizes.” Headquartered in Wilmington, North Carolina, Apiture also has offices in Austin, Texas. The fintech has raised $69 million from investors including T. Rowe Price, Live Oak Bank, and others. Photo by Alesia Kazantceva on Unsplash The post Apiture to Power Commercial Digital Banking for FORUM Credit Union appeared first on Finovate.       

A look at the companies demoing at FinovateFall in New York on September 9 and 10. Register today using this link and save 20%. Abrigo Abrigo has been trusted by 2,500+ financial institutions for over 20 years to fight financial crime. The organization’s FinCrime suite includes market leading AML and fraud solutions. Features Offers AI/ML-powered check image analysis Delivers nationwide consortium of check fraud data Includes configurable rules engine Who’s it for? U.S. banks and credit unions. Bancography Branches consume sizable capital and noninterest expense costs. Bancography Plan maximizes those investments by identifying opportunities to deploy new branches and reconfigure or close current ones. Features Examine prospective merger candidates Identify overlapping branches and forecast attrition View full pro forma financial impact, before and after closures Detect impacts on efficiency ratio and ROA Who’s it for? Banks and credit unions. Diadem Capital Diadem Capital is a deal flow engine and fundraising solution connecting private companies to private capital ranging across venture capital, private equity, venture debt, and non dilutive funding sources. Features Diadem Capital helps investors and lenders streamline due diligence, showcasing only the top prospects. Founders get one-to-one intros to otherwise inaccessible investors. Who’s it for? Diadem Capital is a two-sided marketplace catering to any private capital provider looking for deals and private company looking for capital. It is sector, stage, and geography agnostic. iDENTIFY iDENTIFY revolutionizes banking with a data validation tool that seamlessly integrates legacy and modern tech, transforming raw data into actionable insights for banks. Features Offers real-time data validation Delivers seamless integration Provides enhanced insights Who’s it for? Banks and credit unions. Nest Bank & Efigence Nest Bank, Poland’s first AI-enhanced bank, offers entrepreneurs and individuals innovative payment methods and personalized services. Efigence is a technology company that has been in operation since 1995. Features Expense tracking: Monitors and categorizes spending AI-driven predictions: Forecasts future trends from users’ past actions Placing instructions: Makes money transfers or issues virtual cards Who’s it for? Nest! has a diverse range of clients: Individuals and entrepreneurs who drive over 50% of Poland’s GDP. Rapid Finance Rapid Finance empowers enterprises to streamline their small business lending program. Lynx helps users take control of their data and unlock its potential. Features Offers comprehensive and holistic 360° views of customers Advanced AI and analytics provides real time insights and patterns Customizable rules engine allows users to automate decision making Who’s it for? Banks, credit unions, fintechs, neobanks, lending institutions, payment processors, insurance companies, lending and banking platforms, investment banks, wealth management firms, and more. Winnow Winnow AI leverages the power of LLP and NLP artificial intelligence. It allows customers to get lightning-fast answers to basic legal questions around topics that Winnow covers. Features Quickly answers basic legal questions Generates responses based on Winnow’s 60,000+ attorney-reviewed legal requirements Reduces time and effort typically spent on legal research Who’s it for? Banks, credit unions, fintechs, and lenders. The post FinovateFall 2024 Sneak Peek Series: Part 3 appeared first on Finovate.      Related StoriesFinovateFall 2024 Sneak Peek Series: Part 2FinovateFall 2024 Sneak Peek Series: Part 1FinovateFall 2023 in 1,224 Photos 

Should more financial advisers be treated as fiduciaries? Even for one-time financial recommendations like a 401(k) rollover? The Washington Post recently published an article looking at the battle over the needs of recent retirees on one side and what critics have called “lucrative broker commissions” on the other. At issue is an effort by the Biden administration to force brokers to act as fiduciaries, which means that they must place client needs above all else, including their own paychecks. The administration is especially concerned about what happens when millions of Americans retire or roll over their retirement savings in favor of tax-advantaged accounts such as IRAs. This is a huge market; the federal government estimates that these transactions are valued at more than $770 billion in 2022. In many, if not most instances, these transfers from 401(k)s and similar products into IRAs is unremarkable. But the administration is looking closely at some transfers, in which investors’ retirement money is invested in instruments such as annuities. Annuity products, in which retirees give funds to an insurance company that provides them with a fixed, annual payout, not only often have costly restrictions – such as big penalties for early withdrawals and caps on returns – but also can be more lucrative products for insurance agents to sell compared to other investments. This – from the Biden administration’s perspective, and that of some consumer advocates – creates a conflict of interest that can lead to savers being steered toward investments that are not optimal for them. As such, Biden’s Department of Labor extended fiduciary duties under the Employee Retirement Income Security Act to cover one-time recommendations issued to retirement investors. This puts a number of activities traditionally not covered by the fiduciary rule, including those rollovers noted above, under the rule. The policy was finalized in April and was set to take effect next month. For their part, critics of the administration’s policy see the attempt to change regulations as a “costly, illegal federal mandate.” In an unsigned statement (ahem!) one of the organizations that sued to stop the Biden’s administration, the American Council of Life Insurers, warned that new fiduciary requirements could “deprive millions of consumers of access to much needed retirement financial guidance and protected lifetime income products.” So far, the courts – and Congress – have agreed with the critics. Congress made initial moves toward invalidating the new rules in July, with a congressional committee passing a resolution to overturn the rule. Additionally, two federal judges have separately blocked the Biden administration from implementing the rule in September. And industry groups, sensing a major change to their business model, have geared up to persuade politicians that an expansion of the fiduciary rule “would be potentially devastating for the insurance industry,” according to one such group, the Federation of Americans for Consumer Choice. Indeed, impact would be felt. Morningstar reported that investors in annuities could save more than $32 billion over the next ten years – with insurance agents enduring major restrictions in their commissions. Could an extension of fiduciary responsibility become as significant a campaign topic as the debate over taxing tips? It’s hard to say. But I’ll be on the lookout to see whether or not the Trump or Harris campaigns decide there’s advantage to be had by backing fewer regulations – or retiree rights – when it comes to the role of fiduciary responsibility. Interested in wealthtech? Check out our feature on the six key ways fintechs drive innovation in wealth management. And be sure to read our primer on wealthtech at FinovateFall next month, Client Centricity and the Rise of Alternative Assets. Photo by Birmingham Museums Trust on Unsplash The post Wealth Management and the Fight over Fees, Annuities, and Fiduciary Responsibility appeared first on Finovate.       

Baker Hill has appointed Andy Ivankovich as CEO. Ivankovich is taking the reigns from former CEO John Deignan. Ivankovich founded iLendx and oversaw Fiserv’s lending and deposit software products and services division. Small business lending solutions provider Baker Hill announced this morning it has appointed Andy Ivankovich as its new CEO. Ivankovich takes the place of John Deignan, who has served as Baker Hill CEO since 2017. Baker Hill tapped Ivankovich for his background in lending technology. After serving in the U.S. Air Force, he spent his early career managing a $14 billion lending portfolio as a product executive with USAA. During his time as a banker, he developed and was named as inventor on USAA’s lending technology patents. Ivankovich went on to become the founder of iLendx, which he sold to Fiserv in 2018. After the acquisition, he stayed on to oversee Fiserv’s lending and deposit software products and services division. “I am truly honored to be appointed Baker Hill’s Chief Executive Officer and look forward to building upon the strong foundation Baker Hill has built over its 40-year history,” said Ivankovich. “Baker Hill is consistently recognized as a leading fintech company with world-class products. The team has cultivated a reputation for driving innovation in lending for banks and credit unions to better serve their communities. I am proud to join this team of experts and look forward to leading Baker Hill through its next stage of growth and ushering in a new era of innovation for our clients.” In his new role, Ivankovich aims to promote innovation across the company’s product suite to ultimately enable financial institutions to modernize their lending operations. “Andy has demonstrated forward-thinking leadership throughout his career, and he is well-acquainted with Baker Hill’s mission,” said Chairman of the Board for Baker Hill and former CEO of Wolters Kluwer Financial and Compliance Services Brian Longe. “His product and client focused approach, entrepreneurial background, and forward-thinking innovation make him an excellent choice to lead Baker Hill.” Founded in 1983, Baker Hill offers banks and credit unions a SaaS solution for commercial, small business, and consumer loan origination, as well as risk management tools. The company, which most recently demoed at FinovateFall 2021, has recently formed partnerships with Harmony Bank, Union Bank, and Amalgamated Bank. Last spring, Baker Hill agreed to be acquired by private equity firm Flexpoint Ford for an undisclosed amount. The acquisition offered Baker Hill access to Flexpoint’s resources and expertise, including its experienced team and capital to fund ongoing product innovation and acquisitions. Photo by Jake Hills on Unsplash The post Baker Hill Brings on New CEO appeared first on Finovate.       

Sustainable Fitch will integrate AI-powered text analysis from SESAMm into its ESG Scores and Ratings solution. The integration will help Sustainable Fitch offer a more comprehensive ESG insights to asset owners and asset managers. SESAMm won Best of Show in its Finovate debut at FinovateEurope 2022 in London. ESG data and analysis provider Sustainable Fitch will integrate AI-powered text analysis from SESAMm into its ESG Scores and Ratings solution. The integration will enable Sustainable Fitch to provide more comprehensive ESG insights to its asset owner and manager clientele. The addition of SESAMm’s analysis will improve decision-making and help guide investment and due diligence. The partnership will also help provide broader data coverage for both public and private market data analysis. “Working with SESAMm’s technology allows us to leverage their advanced solutions to enhance our ESG Scores and Ratings offering,” Sustainable Fitch Global Head of ESG Analytics Gianluca Spinetti said. “By integrating SESAMm’s extensive data coverage, we can offer our clients more comprehensive ESG insights.” Headquartered in New York, Sustainable Fitch is a research firm that provides data, tools, analysis, and insights for the fixed-income market. The company provides ESG ratings, Second Party Opinions, thought leadership, and more to help individuals and institutions make informed decisions when it comes to ESG impact. Launched in 2022, Sustainable Fitch has been recognized by Environmental Finance as one of the top five largest global Second Party Opinion providers. This year, the company won “Best Specialist ESG Ratings Provider” at the ESG Investing Awards and “Best ESG Data Provider/Vendor” at the Inside Market Data Awards & Inside Reference Data Awards. “We are excited that a recognized leader in ESG analysis is using our insights for their ESG analysis,” SESAMm CEO Sylvain Forté said. “Our AI-powered text analysis will provide deeper insights and broader coverage, helping Sustainable Fitch to deliver high-quality ESG data and ratings.” SESAMm won Best of Show in its Finovate debut at FinovateEurope in London in 2022. The company most recently demoed its technology at FinovateFall 2023, where the French AI firm showed an integration of ChatReveal, its proprietary generative AI solution. Bringing advanced chatbot technology to the SESAMm platform, ChatReveal examines more than 23 billion articles on five million public and private companies. The technology identifies if the company is the subject of ESG controversies or issues to help private equity firms and financial institutions better understand the potential risk of companies in their portfolios. Last month, SESAMm unveiled its ESG Controversy Risk Exposure Heatmap. The solution delivers an overview of environmental, social, and governance risks to provide an easy way to visualize and assess a company’s reputational profile. This enables users to focus on particular areas of concern and prioritize next steps. Headquartered in Paris, France, SESAMm was founded in 2014. The company has raised more than €50 million in funding and includes Elaia, Opera Tech Ventures, The Carlyle Group, and NewAlpha Asset Management VC among its investors. Photo by Chris F The post Sustainable Fitch Integrates with SESAMm to Enhance its ESG Scores and Ratings Offering appeared first on Finovate.       

We’re midway through August, and while everyone attempts to sneak in their final summer vacation days, the fintech news continues on. While we’ve seen a handful of acquisition news headlines so far this summer, I expect things to tick up slightly this fall.  Stay tuned throughout the week to read the latest news this week as we post updates and evolutions. Embedded banking ClearBank secures Dutch banking license and expands to Europe. Fraud, security, and identity UFS acquires Safe Systems for undisclosed amount. Payments GoHenry by Acorns teams up with Google Wallet for new Fitbit Ace LTE integration. Amazon and Barclays launch new co-branded credit card for U.K. users. Conduit lands $6 million for cross border payments. HPS/PayMedix acquires TempoPay to further expand and simplify healthcare payments. Small business banking Payroll services provider CloudPay receives $120 million in new funding. Photo by Anne Hoang on Unsplash The post Fintech Rundown: A Rapid Review of Weekly News appeared first on Finovate.       

LianLian Global has tapped Thredd to help it launch a virtual card program in the APAC market. Thredd will power LianLian’s Yueda virtual card product. The news comes weeks after Thredd initiated partnerships with TerraPay and Spendbase. Digital payment solutions company Thredd announced a partnership with global payments company LianLian Global to help the Singapore-based company launch its virtual card program in the APAC market. LianLian, which specializes in cross-border settlement services with instant payouts, selected Thredd to power its Yueda virtual card product. Designed to facilitate cross-border payments and financial management for businesses, Yueda provides comprehensive payment services, including multi-currency support, payment collection, and fund transfers, tailored specifically for the needs of businesses in a range of industries, including e-commerce, international B2B trade and travel, engage in international trade and commerce. Founded in 2007 and headquartered in London, Thredd offers digital payment solutions to help businesses simplify financial transactions. In addition to the virtual card service that LianLian will use, Thredd also delivers card issuance, payments processing, card controls, risk and fraud, digital wallets, and cross-border payments solutions. “Utilising Thredd’s virtual card issuing capabilities we will be able to deliver on our ambitious growth plans for 2024 and beyond,” said LianLian Global Co-CEO Tim Shen. “We have already secured payments licenses covering eight [regions], including mainland China, China, Singapore, the U.S., the U.K., Luxembourg, Thailand, and Indonesia. We are delighted to find a partner in Thredd who can support us with virtual cards that will ensure that no matter where a client needs to send a payment, it will be supported. Access to a local team of experts who speak our language has made the implementation and ongoing operations seamless.” Today’s announcement comes after Thredd partnered with TerraPay in June to support virtual card payments for the travel industry. Thredd has also recently launched in the U.S., having secured its second U.S. client, Spendbase, in June. Photo by Clay Banks on Unsplash The post LianLian Selects Thredd to Bring its Card Program to APAC appeared first on Finovate.       

This week’s edition of Finovate Global highlights recent fintech news from the Philippines. Philippine mobile payments company Mynt, the firm behind super app GCash, has secured an investment of $393 million courtesy of an investment from Mitsubishi UFJ (MUFG). The funding comes at virtually the same time as the company reported another $393 million investment, this one from Philippines-based conglomerate Ayala Corporation. “We are thrilled to welcome MUFG as a new strategic partner,” said Mynt President and CEO Martha Sazon. “With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially to the underserved. Alongside this, Ayala’s unmatched commitment to Philippine economic growth and development, and its expertise in multiple industries will accelerate GCash’s mission.” The investments give the Filipino firm a valuation of $5 billion, and gives MUFG an 8% stake in the company. Ayala’s share climbs to approximately 13%. A subsidiary of Globe Telecom, Mynt’s GCash is used by more than 90 million individuals to buy prepaid airtime, pay bills, send and receive funds, transact with merchants, and access savings, credit, insurance, and investment products. “GCash is an indispensable infrastructure for everyday life of Filipinos and we are delighted to join Mynt as a strategic investor to support the growth of the company,” MUFG Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group Yasushi Itagaki said. “With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion.” MUFG’s investment comes at a time when the banking group has been funding a range of regional fintechs that are helping bring financial services to the underbanked. Among these fintechs are Ascend Money, a super app based in Thailand, as well as Grab of Singapore and Akulaku of Indonesia. Earlier this year, Globe Telecom suggested that the super app may launch as a public company in the Philippines next year. This week, Bloomberg reported that the company may pursue a Philippine digital banking license, as well. Mynt’s GCash is a big deal in the Philippines when it comes to mobile fintech apps. But how big are mobile fintech apps in the Philippines? A new report from UnaFinancial noted that among Southeast Asian nations mobile fintech app adoption has been strong overall, but nowhere more so than in the Philippines where mobile fintech app penetration reached 63% by May of this year. Malaysia was second at 55%. Interestingly, fintech powerhouse Singapore registered 45%, tied with Thailand and behind Indonesia’s 49%. Vietnam showed 32% mobile fintech app penetration. Why such a strong performance for mobile fintech apps in the Philippines? The UnaFinancial analysts cited a handful of factors including the large number of unbanked Filipinos; regulatory support for developing digital financial technologies; a sizable, tech-savvy youth population; and growing rates of Internet adoption. Digital wallets and payment apps remain the most popular mobile fintech apps, with mobile banking apps making a strong second place showing. One area of particular growth is lending apps, which increased their share of mobile fintech apps from 1% to 5% between 2019 and 2024. The report noted that the Philippines is likely to remain the regional leader in mobile fintech app adoption. But recent growth in Indonesia’s fintech sector has UnaFinancial predicting that Indonesia could take the second spot from Malaysia by the end of 2030. The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, will lift its moratorium on the granting of new digital banking licenses starting on the first of January 2025. The move will allow as many as ten digital banks to operate in the Philippines. Currently, six digital banks have been licensed to operate in the country since the introduction of the Digital Banking Framework in 2020. This week’s announcement will allow as many as ten digital banks, opening the door for the granting of an additional four licenses. Both new applicants as well as existing banks are eligible to apply, though the BSP noted that the licensing process will be “stringent.” Additionally, the BSP made clear in a statement that it is looking for innovation rather than more of the same. “Applicants must bring something new to the table,” said bank governor Eli M Remolona, Jr. “We want to see unique product and service offerings that are different from that offered by the existing market players.” BSP’s announcement contrasts with a recent decision by the Hong Kong Monetary Authority, which has suspended its issuance of new digital banking licenses. Here is our look at fintech innovation around the world. Central and Southern Asia Outlook Business examined why a growing number of Indian fintechs are seeking Non-Banking Financial Company (NBFC) licenses. Indian fintech FINQY raised $2 million in funding for its insurance, credit card, and loan solutions. Fintech News Singapore highlighted four Myanmar-based fintechs to watch: Wave Money, Modus Operandi, Ongo, and Onepay. Latin America and the Caribbean Uruguay-based cross-border payments platform dLocal forged a strategic partnership with cross-border payments company iTransfer. Mexican fintech Stori secured $212 million in equity and debt funding. Canadian fintech Nuvei agreed to acquire Brazilian licensed Payment Institution, Pay2All. Asia-Pacific Philippines-based mobile payments company Mynt raised $393 million at a valuation of $5 billion. South Korean FX solutions provider SentBe launched its API-based B2B payment solution SentBiz KRW Collection. Hong Kong’s Mox Bank enabled customers of its Mox Invest solution to invest in cryptocurrency-based exchange-traded funds. Sub-Saharan Africa World Bank Blogs profiled Fátima Almeida and her efforts to bring digital and financial inclusion to the underbanked of Angola. Flutterwave secured a payment service provider license from the Bank of Ghana. Beginning on September 4th, banks in South Africa will suspend electronic fund transfer (EFT) services to Namibia, eSwatini, and Lesotho as part of a payments reclassification to help prevent financial crime. Central and Eastern Europe Austrian cryptocurrency platform Bitpanda partnered with Solaris to enhance its KYC capabilities in the German market. German B2B payments company Mondu secured an Electronic Money Institution (EMI) license from De Nederlandsche Bank (DNB) in the Netherlands. Estonian fintech Paywerk has been acquired by Swedish banking group Swedbank AB. Middle East and Northern Africa Egyptian digital lending marketplace Qardy announced a “seven-figure” pre-seed funding round. International payments company MultiPass secured a license to operate in the UAE. Kuwait-based Boubyan Bank partnered with Temenos to modernize its core banking systems. Photo by charlesdeluvio on Unsplash The post Finovate Global Philippines: Mynt’s Millions and Opening the Door for More Digital Banks appeared first on Finovate.       

Payoneer is acquiring HR platform Skuad. The deal is set to close for $61 million in cash and may include an extra $20 million in contingent funds and restricted stock units, depending on conditions. Payoneer plans to integrate Skuad’s payroll and contract management solutions into its own offerings. Hours after I published a piece highlighting summer acquisition activity in fintech, I woke up to this news: global digital commerce company Payoneer announced today that it has acquired HR platform Skuad. While the purchase is slated for $61 million in cash, it could close for as much as $81 million. That’s because Payoneer may also pay an additional $10 million, contingent on Skuad’s performance metrics, and offer $10 million in restricted stock units, depending on key employee vesting. “To accelerate our evolution and B2B momentum, we are excited to announce the acquisition of Skuad and welcome to Payoneer the talented entrepreneurs who share our vision of supporting global SMBs,” said Payoneer CEO John Caplan. “We are combining the strength and reach of Payoneer with Skuad’s comprehensive global workforce and payroll solutions to create a powerful platform that will enhance our customers’ ability to expand their teams worldwide and grow globally.” Skuad was founded in 2019 to help businesses automate payroll management, local compliance, and taxation of their employees. The Singapore-based company, which has raised $19 million, helps businesses compliantly hire employees across more than 160 countries. Skuad also assists its clients in global payroll, allowing their employees to receive payment in their choice of 100+ currencies. Founded in 2005, Payoneer offers multi-currency accounts and payment services to two million businesses across 190 countries. With a mission to “democratize access to financial services and drive growth for digital businesses of all sizes from around the world,” Payoneer helps users pay, get paid, and manage funds on a global scale. The company also offers working capital– providing advances to Amazon and Walmart sellers, as well as to small businesses. Payoneer, which plans to integrate Skuad’s payroll and contract management offerings into its own, announced the acquisition of Skuad in an earnings announcement this week. Also during that call, Payoneer revealed a record revenue of $240 million, which is up 16% from last year’s figure. “Twenty-five percent of Payoneer’s B2B customers are asking for enhanced workforce management capabilities, including payroll, employer of record and contractor management capabilities — so there is significant cross-sell potential with this acquisition,” the company said in a news release. Payoneer went public via a SPAC merger with FTAC Olympus Acquisition Corp. in 2021. The company listed on the NASDAQ in June of that same year under the ticker PAYO and has a current market capitalization of $2.41 billion. Photo by Pixabay The post Payoneer to Acquire Skuad for $61 Million appeared first on Finovate.       

For the first time, Finovate will offer a dedicated wealthtech/wealth management track at FinovateFall. Featuring keynote addresses, power panels, and more, our new wealthtech track will cover topics ranging from the rise of alternative assets to the role of technology and digitization in helping meet the needs of a new generation of investors. “I’m really excited about the new Wealthtech track we’re offering at FinovateFall this year,” said Greg Palmer, host of Finovate. “So much innovation is taking place on the wealth management side of the fintech industry right now, and there are a lot of opportunities out there. Customer demographics are shifting, new assets are gaining popularity, and new technologies are raising the bar for every industry. It’s a crucial time to be paying attention to the space.” Over the next few weeks, we’ll share a preview of the wealthtech content we have in store for you this year at FinovateFall. Today, we’re highlighting a pair of Power Panels that will take place on Day Three, September 11, of the conference. Both of these Power Panels will be moderated by April Rudin, CEO and Founder of The Rudin Group. LinkedIn. The Rudin Group is a global wealth management/wealthtech marketing consultancy serving banks, wealth management firms, fintechs, and wealthtechs. The Future of Client Centricity in a Tech-Disrupted Wealth Landscape Our Power Panel on the Future of Client Centricity will examine ways in which technology has altered the landscape of wealth management. The panel will discuss the impact of the Great Wealth Transfer from Baby Boomers to Millennials and what wealth managers should do to meet a new generation of investors’ growing preference for digital solutions and tools. Andrea Finan, Head of J.P. Morgan Self-Directed Investing, J.P. Morgan Wealth Management Finan is responsible for developing strategy, driving scale and profitability, and expanding capabilities to serve the firm’s Self-Directed and broader Wealth Management clients. She has 20 years of experience in financial services and is well-versed in creating high-performing digital products. LinkedIn. Ali Geramian, Managing Director, Anthemis Geramian is currently a Partner at Anthemis, where he steers the Anthemis ecosystem and investor relations platform to catalyze mutual value creation, collaboration, and transformative partnership opportunities across the firm’s global portfolio companies and strategic investor base. LinkedIn. Michelle Julia Ng, Software Engineer, Apple Ng is a software engineer with Apple. Educated at Stanford University (double majoring in Computer Science/Artificial Intelligence and History), Ng brings experience in the practical application of emerging technologies – including system intelligence, machine learning, and robustness analysis – having worked with Apple’s Vision Pro and Watch products. LinkedIn. How Will Technology Transform How Alternative Assets are Managed? This Power Panel will look at the rise of alternative assets through the lens of a shift toward diversification, a search for yield, a demand for uncorrelated returns, and a growing desire among a new generation of investors for investment opportunities that are aligned with their personal values. The Panel will also discuss how enabling technologies – from AI to the blockchain – will influence the way alternative assets are managed. Bundeep Singh Rangar, CEO of Fineqia A thought leader in blockchain technologies, Rangar is CEO of Fineqia International. Fineqia is a digital asset business that builds and targets investments in early and growth-stage technology companies. An investor in digital industries, Rangar has raised venture capital from entities such as Rakuten and secured private equity investment from U.S. financial institutions. LinkedIn. David Teten, Venture Partner at Coolwater Capital Teten is a Partner with Coolwater Capital. Known as the “Y Combinator for Emerging VCs,” Coolwater offers an accelerator for emerging VC fund managers and invests as a limited partner, into general partnerships and fund management companies. Coolwater also invests directly into startups. He is Chair of PEVCTech, a community of investors in private companies using AI, technology, and analytics to generate alpha. LinkedIn. Photo by Morgan Housel on Unsplash The post Wealthtech at FinovateFall: Client Centricity and the Rise of Alternative Assets appeared first on Finovate.