Author: TheFintechBuzz.com

singapore-fintech-festival-kicks-off-with-over-850-expert-speakers-and-450-fintech-exhibitors

Singapore FinTech Festival Kicks Off with Over 850 Expert Speakers and 450 FinTech Exhibitors

October 31, 2022 Published by

 

The seventh edition of the Singapore FinTech Festival (SFF) kicks off today as an in-person event from 31 October to 4 November. Organised by the Monetary Authority of Singapore (MAS) and Elevandi[1], the theme of SFF 2022 is ‘Building Resilient Business Models amid Volatility and Change’.

1. SFF 2022 will see more than 850 expert speakers and over 250 hours of content across its week-long programme. The Festival is expected to draw participants from more than 110 countries and 2,000 organisations. It will feature 450 exhibitors and 25 international pavilions across the exhibition hall.

2. The by-invitation only Capital Meets Policy Dialogue, to be held on 1 November, will bring together policymakers and investors to discuss the current innovations in financial services, exchange views on emerging risks, and share perspectives on FinTech regulation.

3. The Innovation Lab Crawl, to be held on 31 October and 1 November, will feature 26 participating organisations, including Asia FinTech Center, Capgemini, NEC Laboratories, BNY Mellon, DBS and HSBC. Located across Singapore, these organisations will showcase their latest FinTech innovations in areas such as alternative investments, decentralised investments, and insurance.

4. The Conference segment of the SFF, to be held from 2 to 4 November, will feature more than 400 sessions with government leaders, policymakers, innovators, economists, corporate leaders, and FinTech entrepreneurs. Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, will open the Conference on 2 November. Key speakers from abroad include:

  • Ms Adrienne A. Harris, Superintendent, New York Department of Financial Services
  • T.V. Mohandas Pai, Chairman, Aarin Capital and Chairman, 3one4 Capital
  • Ms Sheila Bair, Former Chair, US Federal Deposit Insurance Corporation, Senior Fellow, Center for Financial Stability, and Senior Advisor and Founding Chair, Systemic Risk Council
  • Bram Cohen, Director, Chairman, Chief Executive Officer and Founder, Chia Network Inc
  • Brian Armstrong, Co-founder and Chief Executive Officer, Coinbase
  • Ms Angel Zhao, President, International Business, Ant Group
  • Ms Martha Sazon, President and Chief Executive Officer, GCash
  • Mark FitzPatrick, Chief Executive Officer, Prudential plc
  • Dr Stuart Haber, Principal, Stuart Haber Crypto, LLC
  • John Tanagho, Executive Director, International Justice Mission Center to End Online Sexual Exploitation of Children, International Justice Mission
  • Sonam Wangchuk, Founder, Himalayan Institute of Alternatives
  • Kailash Satyarthi, Nobel Peace Prize Laureate, Kailash Satyarthi Children’s Foundation.

5. A highlight of the Conference segment is the inaugural Elevandi Insights Forum, which will bring together experts from entities such as the International Monetary Fund, the United Nations Economic and Social Commission for Asia and the Pacific, the Bank for International Settlements Innovation Hub, the Milken Institute, and the Institute of International Finance, for a series of deep-dive roundtable discussions on issues such as cross-border payments, open finance, Web3, and digital assets. The participants will then follow up through industry whitepapers and lighthouse projects.

6. SFF 2022 will see the return of a physical Exhibition featuring over 450 organisations, including global financial institutions, regulators and FinTechs, showcasing the latest innovations and developments in the FinTech space. The Exhibition will feature for the first time an ESG FinTech Zone, curated in partnership with MAS’ Green FinTech Office. It will host ESG FinTechs, financial institutions, and real economy players to showcase solutions that meet key ESG data and disclosure challenges faced by companies.

7. SFF 2022 will have a strong focus on skills and knowledge development. Attendees will be able to earn their Sustainability and Digital Assets & Web3 badges upon completion of a three-day Learning Journey that allows them to experience a variety of activities at SFF. Attendees can also engage in networking and mentoring opportunities as well as Lunch & Learn sessions with industry luminaries across three days of the Festival. Curated specially for attendees and students wishing to explore a career or to upskill in FinTech is the Talent Pavilion featuring career fairs, expert talks, and learning courses.

8. Sopnendu Mohanty, Chief FinTech Officer of MAS and Chairman of Elevandi Board, said, “The industry is on the cusp of moving into three areas – Web3, digital assets, and an ESG-focused economy. We have designed SFF to reflect this shift in an open, engaging and bold way, focusing on finding solutions to today’s challenges and taking definitive steps toward implementation across the financial sector. Hence, the content of SFF has shifted to the impact makers who will inspire the community to come together and drive real change.”

9. Jean-François Quentin, Group Chief Executive Officer of Constellar, said, “There is no replacement for the physical event experience in unlocking the potential of impactful partnerships. The large international profile of new and returning exhibitors reflects a hunger for the global SFF community to connect face-to-face again after two years. We are leveraging this demand at SFF by providing a robust, digitally-enabled platform for buyers, sellers and trade visitors to generate opportunities through knowledge sharing, targeted business matchmaking and expanded networking opportunities.”

10. SFF 2022 is organised by MAS and Elevandi, in partnership with Constellar and in collaboration with The Association of Banks in Singapore. Since its inception in 2016, SFF has become the premier platform for the global FinTech community to engage, connect, and collaborate on issues relating to the development of financial services, public policy, and technology.

ingenico-and-premise-partner-to-deliver-cashless-inclusion-in-the-philippines

Ingenico and Premise partner to deliver cashless inclusion in the Philippines

October 31, 2022 Published by

 

Ingenico, a global leader in payments acceptance solutions, announces a partnership with Premise, a payment-led embedded banking platform to provide integrated digital payment solutions and financial services to cash-driven micro merchants across the Philippines.

Ingenico is Premise’s preferred certified payment terminal provider, deploying the AXIUM DX8000. Running on Android, the terminal allows third-party software integration to enable digital payments for these micro-businesses. Premise will also scale its service offerings by linking to Ingenico’s Payment Platform as a Service (PPaaS), a cloud-based platform to manage and deliver advanced payment and commerce services quickly and efficiently to terminals.

In the Philippines, cash remains king as 65% of its population is still unbanked, amongst the highest in the APAC region. And a viable option for accessing the financial infrastructures is digital payments like mobile or digital wallets, requiring only a phone number and valid ID. In 2020, almost 25 million* Filipinos used mobile wallets to make or accept online payments, presenting a vast opportunity to tap into their existing behaviour offline.

Premise’s turnkey universal payment acceptance platform, which includes payment terminals, financial services capabilities, and regulatory licenses, removes businesses’ reliance on banks for payments. The partnership between Premise and Ingenico opens an omnichannel payments acceptance platform by bringing alternative and cashless payment methods directly to the merchant’s point of sale, emulating the online customer experience.

Nigel Lee, Ingenico’s Senior Vice President for the Asia Pacific, commented, “We are proud to partner with Premise and empower the micro-entrepreneurs by equipping them with digital and alternative payment solutions in their businesses. It allows them to facilitate their customers’ transition from online payment methods to in-store and become the driving force for cashless inclusion in their community. This aligns with Ingenico’s mission to help shape the evolution of commerce worldwide.”

Gary Repchuk, Premise’s founder, said, “Ingenico has provided unparalleled levels of support to Premise during the integration of the AXIUM DX8000 and PPaaS by supporting our delivery of a terminal designed for a fully digital payments experience to cash-first Filipinos. Our designation as an Ingenico Technology & Channel Partner enables us to lead the market in delivering cashless inclusion to every corner of the Philippines. Premise shares Ingenico’s vision of enabling this new world of commerce, and we look forward to working with them over the course of this and future partnerships.”

Through the alliance of technologies between Ingenico and Premise and a deep understanding of local behaviour and existing user experiences, the micro-businesses point-of-sale is now empowered with flexible, seamless solutions and promoting cashless inclusion across the depths of the informal economy.

Catch Premise at Ingenico’s Singapore Fintech Festival 2022 booth at Hall 2 sharing their experience on the partnership, supporting micro-merchants, and cashless inclusion in the Philippines.

reap-raises-us$-40-million-investment-in-their-series-a-funding,-eyes-rapid-expansion-into-global-markets-leveraging-its-industry-leading-reap-card-platform

REAP raises US$ 40 million investment in their Series A funding, eyes rapid expansion into global markets leveraging its industry leading Reap Card platform

October 27, 2022 Published by

 

Reap, a fintech company powering global financial transactions through the industry first Reap Visa Corporate Card (“Reap Card”) platform, today announces a US$ 40 million Series A investment round led by Acorn Pacific Ventures, Arcadia Funds and HashKey Capital through a combination of equity and debt financing. Hustle Fund, Fresco Capital, Abacus Ventures also invested as returning investors in this round, joined by Payment Asia as a co-investor.

The Series A funding will be used to quickly expand into international markets, set up regional hubs and round out management hires throughout Asia, North America and Europe as a part of this market expansion.

Derek Chau, Partner at lead investor Acorn Pacific Ventures, “The Acorn Pacific team is very excited and privileged to be investing into Reap.  We had been actively watching the space for a number of years, waiting for the right platform and team to address the nuances of the payments space in Asia. We believe Reap is a solution that will make a very meaningful impact helping businesses to improve their cash flow, efficiency and speed to market with their digital-first payment solutions.”

Since Reap’s inception in 2018, it has focused on creating novel financial technologies to enable access to payables management, international payments and collections through a centralized software platform. By harnessing the power of data, Reap effectively lowers costs for operating companies that take advantage of the Reap platform across industries.

Daren Guo & Kevin Kang, Co-Founders of Reap said, “The purpose of our latest funding round is two-fold – to accelerate our go-to-market strategy for global market expansion, as well as position Reap for the next phase of growth by investing into the industry leading products that we have been developing since launch. We are confident we have the right team and product platform to enable the next phase of growth.”

In November 2021, Reap launched the Reap Card, powered by the Visa network, that delivers credit for businesses and enables corporate purchases and expenses that traditionally were not able to be conducted through business credit cards. For clients of all sizes, Reap has scaled its products to work specifically to meet the demands of their discerning customers.

Reap is uniquely positioned within the industry, as the Reap Card platform already has the functionality to enable digitisation and payments for different business needs across both Web2 and Web3 customer segments.

Web2 clients including Acer, Buy and Ship, Pirata Group, Sompo Insurance and Wallem Group and more, all rely on Reap to gain an advantage over their competition, whilst leading Web3 customers Amber Group, Animoca Brands, Binance, Gnosis and LayerZero are already using Reap as their day to day payments driver, with the added ability to plug immediately into their internal systems to be up and running on day 1 of implementation. As a result, Reap has been able to double revenue over the past year, while increasing its current customer base to over 20,000 since launch.

“We have been closely watching Reap as an integral part of the Hong Kong fintech scene and seeing their expertise in developing a financial platform that is able to scale from traditional non-digital businesses to tech companies, shows that they have a competitive edge with their Reap Card platform, and could not be more pleased to invest” said Kenneth Lai, Founder of Payment Asia.

Reap currently has a team of over 40 spread across Hong Kong, Australia, Canada, Japan, Malaysia, Singapore and Vietnam. The Company plans to hire and double the current size by the end of 2023. In addition to establishing country offices, Reap is also expanding its presence to set up regional hubs that cover North America, Europe and Greater China. Reap continues to help businesses orchestrate success – by providing the best financial tools that evolve with its customers and the market.

moomoo-partners-with-make-a-wish-to-enrich-lives-of-the-children-in-need

Moomoo Partners with Make-A-Wish to Enrich Lives of The Children in Need

October 26, 2022 Published by

 

The leading tech-driven financial services platform, moomoo, announced its partnership with Make-A-Wish International, the charity organization that helps fulfill the wishes of children who have been diagnosed with a life-threatening illness.

Moomoo and its parent company Futu Holdings (Nasdaq: FUTU) will share the power of wishes in the coming 12 months with their $200,000 donation, bringing joy and hope to eligible children from Singapore, Hong Kong SAR, USA and Australia.

Futu Holdings Senior Partner and Senior Vice President Robin Xu said, “This is a great honor for moomoo and Futu to collaborate with Make-A-Wish, helping children with critical illnesses realize their life-changing wishes. We sincerely hope our Wish Children and their families can feel the support and care from society through this collaboration, overcome their anxieties and successfully combat the diseases.”

“As a Nasdaq-listed company, Futu holds a total of 51 licenses in various markets globally, and provides investment and wealth management services to almost 20 million users in over 200 countries and regions. Since inception, we have committed to diminishing entry barriers of financial markets for investors, transforming the investing experience with technological innovation, as well as empowering investors to realize their financial goals. While we are celebrating our memorable tenth anniversary, we would like to pass the goodwill on to the society and community. We will do the utmost to fulfill Futu and moomoo’s corporate social responsibility, catering to the needs of various communities.”

Luciano Manzo, President and CEO of Make-A-Wish® International said, “I am delighted that we are bringing our relationship with moomoo to the next level. At Make-A-Wish, our vision is to grant the wish of every eligible child. It is my sincere wish that we can continue our journey with moomoo so that we can go the extra mile for our Wish Children and collectively we can inspire new possibilities together!”

uk’s-most-exclusive-wealth-tech,-privat-3-money,-launches-bespoke-mobile-trading-platform-to-hnw-clients

UK’s most exclusive wealth tech, Privat 3 Money, launches bespoke mobile trading platform to HNW clients

October 26, 2022 Published by

 

  • Privat 3 Money has launched a bespoke mobile trading platform, accessible via its mobile app, becoming only the second digital financial institution in the UK offering this in-app service.
  • The trading platform has been brought to market via a partnership between FINRA regulated DriveWealth and FCA regulated P3 Wealth, a Privat 3 Money sister entity.
  • The partnership gives clients the opportunity not only to access deposits and payment services, but to invest all through one mobile platform.
  • Customers now have access to the NYSE and the NASDAQ, two of the biggest exchanges in the world.
  • Privat 3 Money is disrupting the private wealth arena with the ultimate digital financial platform.

The UK’s newest and most exclusive wealth tech, Privat 3 Money, has launched a bespoke mobile trading platform, becoming only the second digital financial institution in the UK, after Revolut, to offer this facility to eligible clients.

Launching this month, the platform gives P3 eligible clients the opportunity not only to access digital payment and deposit services, but now the ability to invest through one account and trade U.S. equities via access to two of the biggest exchanges in the world, the NYSE and NASDAQ. Eventually, P3 hopes to enable the trading of mainstream cryptocurrencies seamlessly thanks to this fast tech solution, subject to future authorisation.

It’s all thanks to a partnership with U.S. based global fintech investment rail DriveWealth, whose modern and sophisticated back-end technology provides P3 customers with the market access, brought to life through the front-end of Privat 3’s mobile platform.

FINRA regulated DriveWealth was founded in 2012 with the vision that investing in the U.S. stock market should be accessible globally, inexpensively and digitally. Since then, the business has developed into a global powerhouse by partnering with over 100 fintechs, neobanks, and wallets to make U.S. listed securities available to investors worldwide.
 
“We’re on the cusp of a digital revolution within personal finance, and through partnerships with like-minded firms like Privat 3, we’re giving customers the tools needed to take control of their financial lives.” said Harry Temkin, Chief Information Officer at DriveWealth.

The partnership with Privat 3 Money has been facilitated via a tie up with P3 Wealth, an FCA regulated investment firm wholly owned by Reda Bedjaoui, Privat 3 Money’s Founder and Principal. It’s this relationship that allows Privat 3 clients who are boarded to DriveWealth to transact due to the licence provided by P3 Wealth.

“We’re only the second UK financial institution to offer clients access to both banking-like services and trading capabilities on one platform, through one account,” said Reda Bedjaoui, Founder of Privat 3 Money.

“It’s a product that gives P3 eligible clients a more efficient way to invest their money, using streamlined tools that are built with the future of finance in mind. In a busy, global and time-poor world, it’s a game-changing innovation for our clients.”

illuminate-financial-and-barclays-expand-strategic-partnership-to-back-fintech-startups

Illuminate Financial And Barclays Expand Strategic Partnership To Back FinTech Startups

October 26, 2022 Published by

 

Illuminate Financial, the London-based venture capital firm investing in financial services technology companies, today announced an expansion of its longstanding partnership with Barclays, under which the bank will become a limited partner in Illuminate Financial’s latest venture capital strategy.

Barclays joins global financial institutions including Jefferies, J.P. Morgan, Deutsche Börse Group, Citi, and S&P Global as an investor in Illuminate Financial which backs early-stage FinTech and enterprise software companies driving innovation in the financial services industry.

Barclays was an investor in Illuminate Financial’s previous $100 million FinTech fund which was a 2019 vintage.

Andy Challis, Co-Head of Principal Investments at Barclays, said: “We’re delighted to continue our longstanding partnership with Illuminate Financial. This investment will enable Barclays to play an even more meaningful role in the financial market’s innovation ecosystem.”

Illuminate Financial is led by Mark Beeston, Founder and Managing Partner, alongside partners Alexander Ross and Rezso Szabo. The venture firm was founded in 2014 and to date has invested in more than 30 late-Seed to Series A companies addressing core challenges across financial services including digital assets infrastructure, climate and ESG, data and private markets, as well as broader enterprise solutions that target the sector.

Mark Beeston, Founder and Managing Partner at Illuminate Financial, commented: “It has been our privilege to work with Barclays for several years and welcome them back as an investor for the second time in our venture capital strategy. Illuminate Financial’s investors represent a unique combination of global financial institutions, extending the firm’s deep domain expertise and go-to-market value-add for our portfolio.”

Disclosure
Nothing in this press release should be viewed as a statement of the named institutions’ experience with, or endorsement of, Illuminate Financial and it is not known whether the listed institutions approve of Illuminate Financial, or the advisory services provided. Past performance in not indicative of future results. The contents of this press release should not be construed as legal, tax, investment or other advice, or a recommendation to purchase or sell any particular security.

primarybid-launches-pan-european-connect-platform

PrimaryBid launches pan-European Connect platform

October 25, 2022 Published by

 

PrimaryBid, the capital markets fintech bringing individual investors into public company fundraisings, today announced the launch of its pan-European B2B “Connect” platform. This open-access technology enables investment platforms, wealth managers, retail brokers, IFAs and fintechs across the UK and in the European Union to offer IPOs, placings and bonds directly to their retail investor customers.

Connect represents a new stage of partnership with over 60 brokerage partners signed up to PrimaryBid, including the UK platforms AJ Bell, Hargreaves Lansdown and interactive investor and a number of discretionary wealth managers which collectively have contributed over £500m in transaction demand through PrimaryBid since 2020. In the EU, Connect was launched in collaboration with PrimaryBid’s strategic partner, Euronext, to facilitate pan-EU expansion and cross border capital formation. In France, Bourse Direct, Boursorama and EasyBourse are fully integrated into PrimaryBid’s Connect API enabling at-scale automated distribution, and a number of leading EU retail intermediaries are in the process of completing integration.

Investment in the PrimaryBid Connect platform reflects growing scrutiny on public companies from regulators and policymakers around the limited access everyday investors have to ‘institutional-only’ fundraisings. As an independently regulated company, PrimaryBid has the leading track-record in winning access for retail investors to IPOs and secondary fundraisings working alongside all major investment banks. PrimaryBid has completed over 200 deals since the start of 2020.

For individual investors, PrimaryBid Connect brings deals directly into their chosen investment platform, maximising the opportunity to make use of tax-efficient wrappers such as ISAs or funds on account. Partners also have a choice over their preferred interface to PrimaryBid, including straight-through API processing for digital-first platforms. Other enhancements include shareholder verification and transaction audit functionality that meet emerging best practices around deal allocation and post-deal regulatory reporting.

James Deal, PrimaryBid’s Head of UK said: “The launch of PrimaryBid Connect is an exciting milestone in our mission to deliver public inclusion in our capital markets through technology. In the UK, HM Treasury’s recent capital raising review authored by Mark Austin stated clearly that retail investors should be included in all public company fundraisings. HM Treasury is also working to remove other practical barriers to public inclusion, including arbitrary limits on retail participation in the UK Prospectus regime, soon to be reformed through the Financial Services and Markets Bill.

“The launch of Connect will enable corporate issuers and their advisers to efficiently execute on the new governance standards by accessing the broadest range of platforms and retail investors. PrimaryBid stands ready to unlock nearly ~£500 billion in retail capital for UK plc alongside our distribution partners: the PrimaryBid Connect platform is the next stage in our ambition to simplify and enhance this process.”

Eric Low, PrimaryBid’s Head of EU, added: “Encouraging retail investor participation in the capital markets is a core feature of the European Commission’s recent strategy and consultations. We are working with our European partners to simplify the capital formation process and deliver broad-based retail inclusion through technology, very much in the spirit of policymaker plans for Capital Markets Union.”

Enquiries:

Mike Coombes, VP Corporate Affairs
[email protected]
020 3026 4750

Notes to Editors:

  1. Across the UK, France and Netherlands there is an average of 363 primary market transactions a year, with 291 placings and over 70 IPOs (Average number of deals, 2017 to 2021 per Dealogic). Access to this area of the market is no longer reserved only for institutional investors, and issuers can tap into the vast pool of retail capital. In the UK alone, c.£400bn is held in stocks and shares ISAs, of which a material proportion is held as cash ready to be invested; this is in addition to the further c.£290bn held in cash ISAs (per ONS statistics, June 2022).
  2. PrimaryBid Connect comes in two forms – a ‘ready-to-go’ web-based application designed for wealth managers and smaller retail brokers, and an API solution that plugs directly into the systems of larger platforms and fintechs allowing for distribution of deals to retail investors at scale. Distribution partners can find out more about integrating IPOs and placings on partner platforms via Connect on the PrimaryBid website here.
  3. About PrimaryBid: PrimaryBid is a regulated capital markets technology platform connecting public companies to their communities during fundraisings. Its digital capital raising platform features both B2B and B2C interfaces, unlocking access to IPOs, follow-on raises and other instruments to individual investors, improving capital formation and driving fairness into public markets. A partner of London Stock Exchange and Euronext, PrimaryBid’s platform is host to hundreds of thousands of UK and European investors. In the UK, PrimaryBid has been used by more than 250 FTSE and AIM companies including Severn Trent, Compass Group, Taylor Wimpey, Ocado, Croda, Aston Martin. In February 2022 PrimaryBid announced a $190m Series C investment round, led by SoftBank Vision Fund 2 to drive international expansion.

SOURCE PrimaryBid

leaders-in-inclusive-fintech-to-exchange-insights-and-explore-partnerships-at-fintech-for-inclusion-global-summit-in-the-hague

Leaders in Inclusive Fintech to Exchange Insights and Explore Partnerships at Fintech for Inclusion Global Summit in The Hague

October 25, 2022 Published by

 

More than 200 fintech founders, practitioners, and investors from six continents will convene in The Hague, the Netherlands, for the Fintech for Inclusion Global Summit. Organized by leading early-stage inclusive fintech investor Accion Venture Lab, part of global nonprofit Accion, and with the support of Dutch entrepreneurial development bank FMO, the summit will explore how inclusive fintechs are addressing some of the most pressing issues regarding access to affordable financial services for the 1.8 billion people that are left out of, or poorly served by, the global financial system. Networking sessions and plenary meetings will enable participants to connect throughout the day.

Speakers will include Michael Jongeneel, CEO of FMO; TS Anil, Global CEO of Monzo; Michael Schlein, President and CEO of Accion; Albert Boogaard, Head of Smallholder Solutions at Rabobank; Kenneth Kou, crypto lead at Mercy Corps Ventures. Fintech founders from Accion Venture Lab and FMO Ventures Program investee companies will also share their expertise, including Eli Pollak from Apollo Agriculture; Jihan Abass from Lami; Suzy Ferreira from Dinie; and Tosin Eniolorunda from TeamApt.

Where: The Hague Conference Centre New Babylon, Anna van Buerenplein 29, 2595 DA The Hague, the Netherlands

intellect-global-transaction-banking-(igtb)-launches-banking-as-a-service-(baas)

Intellect Global Transaction Banking (iGTB) launches Banking-as-a-Service (BaaS)

October 24, 2022 Published by

 

Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, announces the launch of Banking-as-a-Service for their global clients.

Traditional commercial banks in the recent past have been facing increasing competition from various quarters such as neo banks, fintechs – to name a few – that provide great customer experience, reliable money movement, and attractive pricing. Hence Banking-as-a-Service (BaaS) – the ability of banks to embed financial products & services directly within their clients’ ecosystem as they serve their customers – is one space that is generating keen interest as it opens up exciting new segments and indirect channels. In the US alone, the transaction value offered via BaaS/embedded finance is expected to grow nearly three folds to about $7 trillion by 2026, as per a research paper produced by a leading analyst firm.

iGTB’s BaaS offering comprises three products in alignment with popular Embedded Banking models:

  1. Direct Embedding (into B2B, B2C marketplaces and e-commerce platforms)
  2. White labeling (to distribute banking services via fintechs or aggregators)
  3. Enabling non-banks (to operate like a bank)

A survey of financial institutions conducted by Cornerstone found that 11% of banks already have a BaaS strategy, 8% are in the process of developing one, and 20% are considering it – hence time to market is of the essence. iGTB’s BaaS offering is a best-in-class solution that comes with built-in support for popular BaaS models and ready integration cartridges and significantly cuts down the time to monetization.

Commenting on the launch of Banking-as-a-Service (Baas), Manish Maakan, CEO iGTB said, “We are seeing the beginning of a new era of technology transformation in banking, with Consumerization of Commercial Banking leading the market theme for the coming years. To help banks address this rapid pace of growth, iGTB has leveraged design thinking to build commercial banking offerings that comprise products, solutions, platforms and now the new Banking-as-a-Service offering, which enables three popular Embedded Banking models. This solution, built on an architecture that leverages composable, contextual and hyperscale technologies, drives high performance and efficiency in commercial banking operations. We are very excited by the interest that our BaaS proposition is generating world-wide.”

kcb-and-terrapay-partner-to-enhance-cross-border-remittances

KCB and TerraPay partner to Enhance Cross-border Remittances

October 21, 2022 Published by

 

KCB Bank Kenya customers now have an opportunity to seamlessly receive funds from the diaspora to their accounts in Kenya, powered by a partnership with Mobex (an affiliate company of TerraPay Group, a UK-headquartered digital payments infrastructure and solutions provider).

With TerraPay onboard, KCB Bank seeks to fortify its position as a key player in strengthening the global payments ecosystem by giving its customers access to simple, competitive, and faster services leveraging the growing demand for digital channels.

Speaking on the announcement, KCB Bank Director of Retail Banking, Mrs. Annastacia Kimtai said, “We are reaffirming our commitment to harness technology and strategic partnerships in ensuring that our customers continue to enjoy the freedom of modern banking. What we are doing is we are utilizing fintech capabilities to build linkages and strategic partnerships with like-minded partners to ensure that our customers have access to top-of-class remittance services.”

The Bank has been at the forefront of actively championing and accelerating financial inclusion through leveraging collaborations with fintech institutions to become a major processor of remittances and payments around the world.

On his part, the Founder and CEO of TerraPay, Ambar Sur, said, “This is an exciting time for cross-border payments. We have no doubt that this new partnership with KCB Bank will help us remove the barriers around cross-border money transfers through seamless, secure, and real-time payments across Africa and Asia.”

Data from the Central Bank of Kenya indicates that remittance inflows into Kenya grew by 13.2% year-on-year as of September 2022 from $ 3.5Bn (Kshs. 427Bn) in 2021 to $ 4Bn (Kshs. 484Bn). This was accelerated by advances in technological innovations that helped people overcome the economic struggles brought about by the COVID-19 pandemic.

Latest Members

Recent AchievementsYou must be logged in to view earned achievements

What is a Wire Coin?

Find connections

Who is online

Latest Hashtags

#artificialintelligence #betting #blockchain #casino #esports #fintech #gaming #hiptherfestival #hipthers #igaming #slots #technology