Author: TheFintechBuzz.com

velotrade-wins-best-sme-invoice-solution-awarded-by-the-hong-kong-monetary-authority-and-the-bank-for-international-settlements

Velotrade wins Best SME Invoice Solution awarded by the Hong Kong Monetary Authority and The Bank for International Settlements

November 9, 2020 Published by

Velotrade, a leading digital platform for trade finance, has won the Best SME Invoice Solution award at TechChallenge, a joint initiative of Bank for International Settlements Innovation Hub (BISIH) and The Hong Kong Monetary Authority (HKMA) that is designed to showcase the potential for new technologies to resolve problems in trade finance.

Prizes were presented during Hong Kong Fintech Week (November 2-6) when Velotrade and 16 other winners selected from 103 entrants were invited to exhibit their technology solutions and take part in the event.

TechChallenge was administered by the Deloitte Asia Pacific Blockchain Lab and supported by the Asian Development Bank (ADB), the International Chamber of Commerce (ICC), the International Institute of Finance (IIF), the People’s Bank of China (PBOC) and the Wolfsberg Group.

Planning for TechChallenge started when a survey by the HKMA conducted among 120 banks revealed that 70% of respondents believed that the needs of global finance were not being adequately addressed. This finding matched ADB (Asian Development Bank) figures showing that the gap in global trade finance remains around USD 1.5 trillion. Based on these findings BISIH and the HKMA invited global innovators to participate in this new competition.

Velotrade’s online platform matches the need for trade finance among Asian SME exporters with institutional investors who hold excess liquidity. With a fee-based model that supports recurring transactions and careful risk management, the company has a scalable economic model that is already in operating across international markets. The company’s platform is developed in-house and features a high level of end-to-end automation and scalability. A user-friendly interface enables quick and easy interaction via a desktop or mobile device.

On receiving the top TechChallenge award, Velotrade’s chairman and co-founder, Vittorio De Angelis said: “We are extremely proud that our company has been recognised for such a prestigious award established by BISIH and HKMA. I believe that the TechChallenge prize is a valuable recognition for the work of the Velotrade team in applying the latest technology to digitise trade finance and benefit SMEs in many markets around the world.”

In addition to Velotrade Management Ltd, amongst the other companies that won recognition in the challenge are: HashKey Group, Linklogis International Company Ltd., PriceWaterhouseCoopers Consulting Hong Kong Ltd., Refinitiv Hong Kong Ltd., Standard Chartered and University of Hong Kong-SCF FinTech Academy and WeBank Co., Ltd.

Solutions were judged by a panel comprising representatives of the public and private sectors, including experts from the partnering organisations listed above and leading global TradeTech platforms.

“We believe that the winning proposals, when further developed, hold great potential for addressing some long-standing pain points of the global trade finance business,” said Edmund Lau, Senior Executive Director of the HKMA.

“Receiving innovative tech solutions from companies based all over the world shows that technology has significant potential to improve trade finance processes, ranging from very large institutional trade finance to SMEs at the grassroots level,” said Benoît Cœuré, Head of the BIS Innovation Hub.

envestnet-|-yodlee-appoints-jason-o’shaughnessy-as-head-of-international-sales

Envestnet | Yodlee Appoints Jason O’Shaughnessy as Head of International Sales

November 9, 2020 Published by

Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and data analytics platform for digital financial services, announced today it has appointed Jason O’Shaughnessy as the Head of International Sales. O’Shaughnessy will be responsible for driving revenue growth in all international markets for Envestnet | Yodlee including Europe, Asia Pacific and Australia–New Zealand.

A key focus for O’Shaughnessy will be to continue the expansion of Envestnet | Yodlee’s open banking coverage and data enrichment across Europe and other key markets including Australia. This effort will help to extend Envestnet | Yodlee’s support for FinTechs to drive innovation and enable financial institutions to expand their global capabilities.

O’Shaughnessy worked at Envestnet | Yodlee from 2003 to 2017, as Senior Vice President for Europe, the Middle East and Africa, and Australia. O’Shaughnessy rejoins Envestnet | Yodlee after garnering experience in a startup capacity where he helped a number of FinTechs with their go-to-market and open banking strategies across aggregation, personal financial management and lending.

“We are thrilled to welcome Jason back to our team. His rich experience, industry relationships and exceptional vision and leadership will help drive Envestnet | Yodlee’s growth in these critical international markets,” said Stuart DePina, President of Envestnet. “Jason is key to expanding our open banking support and delivering solutions internationally, enabling financial institutions and FinTechs to provide the innovations necessary to help their customers achieve financial wellness.”

tencent-finance-academy-(hong-kong)-appoints-advisory-board-to-support-fintech-development-in-the-greater-bay-area

Tencent Finance Academy (Hong Kong) Appoints Advisory Board to Support FinTech Development in the Greater Bay Area

November 9, 2020 Published by

Tencent Finance Academy (Hong Kong) (TFAHK), under Tencent (Hong Kong Stock Exchange stock code: 00700), today announced the formation of its advisory board made up of leaders and industry experts from various government departments, academic institutions and from within the financial technology industry. The newly formed advisory board’s goal is to support FinTech talent development and advise on overall regional strategy, as well as to foster the sustainable growth of the FinTech ecosystem in the Greater Bay Area.

Representing various sectors related to financial technology, the TFAHK advisory board is comprised of:

Dean of Tencent Finance Academy (Hong Kong)

  1. Mr Jim LAI
    Vice President, Tencent
    Chairman, Fusion Bank

Honorary Advisors

  1. The Hon Bernard Charnwut CHAN, GBM, GBS, JP
    The Convenor of the Non-Official Members of the Executive Council
  2. Dr the Hon Moses CHENG, GBM, GBS, JP
    Consultant, P C Woo & Co, Solicitors & Notaries
  3. Prof Wei SHYY, JP
    President, The Hong Kong University of Science and Technology
  4. Prof Yonghua SONG
    Rector, University of Macau
  5. Mr Carlson TONG, GBS, JP
    Chairman, University Grants Committee
  6. Dr Sunny CHAI, BBS
    Chairman, Hong Kong Science and Technology Parks Corporation
  7. Dr George LAM, BBS
    Chairman, Hong Kong Cyberport
  8. Mr Stephen Kai-yi WONG
    Practising Barrister
    Former Privacy Commissioner for Personal Data, Hong Kong

Advisors

  1. Ms Carrie LEUNG, MH
    Chief Executive Officer, The Hong Kong Institute of Bankers
  2. Ms Haster TANG
    Chief Executive Officer, Hong Kong Interbank Clearing Limited
  3. Dr Christopher CHUANG Tze Cheung
    Chairman, IATS Holding Limited
    Founder, Greater Bay Area Fintech Promotion Association
  4. Mr. Jason LAU Wai King
    Chief Information Security Officer
    Adjunct Professor, Cybersecurity and Privacy, Hong Kong Baptist University

Management Team

  1. Mr James LI Tsz Shu
    Senior Director of Hong Kong, Macao and Cross-Border Financial Affairs, Tencent
  2. Dr Dorothy CHAU Chung Kei
    Director of Hong Kong, Macao and Cross-Border Financial Affairs, Tencent
  3. Ms Rachel TAY Siew Ling
    Manager of Policy and Cooperation, VB Innovative Products Department, Tencent

Jim Lai, Vice President of Tencent, Chairman of Fusion Bank, and Dean of Tencent Finance Academy (Hong Kong), said, “One of Tencent Finance Academy’s goals since its establishment is to meet the long-term development needs of the financial industry in the Greater Bay Area. We proudly welcome our advisors, comprised of esteemed professionals, thought leaders and industry experts from various related sectors, to ensure that TFAHK continues to make a significant and beneficial impact on the sustainable growth of the FinTech industry.”

Dr the Hon. Moses CHENG, GBM, GBS, JP, said, “On behalf of my fellow members of the newly formed TFAHK advisory board, we highly look forward to exploring the synergies with TFAHK and will strive to bring our experiences, insights and expertise through different forms of involvement and collaboration, in order to foster the FinTech development and global economic development in the Greater Bay Area.”

TFAHK has already achieved key milestones since its establishment in 2018. In only its second year, TFA established a strategic collaboration with the University of Hong Kong on FinTech-related research and talent development initiatives and expanded the all-round FinTech Talent Nurturing Programme to the Greater Bay Area, among other achievements. Marching on towards 2021, TFAHK, working with its newly formed advisory board, is exploring new opportunities to expand its target to not just focusing on current university students but also to include recent graduates and returning overseas students with a keen interest in the FinTech industry.

Finally, as the emergence of COVID-19 has accelerated the global development of FinTech, industry bodies are now paying much more attention to the regulations surrounding the FinTech industry. Thus, the Academy will work with the advisory board to assess critical topics such as Regulatory Technology (RegTech), Supervisory Technology (SupTech), Cybersecurity, Data Privacy and more, and further promote the sustainable development of the FinTech ecosystem in Hong Kong and the rest of the Greater Bay Area.

blackhawk-network-celebrates-one-year-anniversary-of-india-strategic-development-centre

Blackhawk Network Celebrates One-Year Anniversary of India Strategic Development Centre

November 6, 2020 Published by

 

Located in Bengaluru, Blackhawk Network’s India Strategic Development Centre (SDC) is celebrating its one-year anniversary since launching in November 2019. The SDC-a key driver of innovation for branded payments provider Blackhawk-focuses on delivering omni-channel payment products and the core enterprise roadmap that powers the organization’s consumer and partner ecosystems. Among the top initiatives of the SDC are mobile payments, a global data lake, internationalization of incentives products, consolidation of multiple settlement systems and global expansion of its retail and online commerce product offerings.

India’s FinTech ecosystem has witnessed major developments over the past year which have strengthened the country’s position as a FinTech hub. During the pandemic, Blackhawk has continued to build its SDC workforce, with a focus on providing career opportunities to engineers, product managers and program managers by recruiting beyond traditional methods-allowing the company to tap into the region’s diverse talent pool.

“Our SDC’s one-year milestone underscores Blackhawk’s commitment to Bengaluru as a critical hub of innovation within our global product and technology organization,” said Talbott Roche, CEO and President of Blackhawk Network. “As an industry pioneer, we are proud to carry on our legacy of disruption through the important work of our SDC team in delivering innovative payment solutions that will shape the future of global branded payments.”

Radhakrishna Venketeshwaran, VP – Head of Strategic Development Centre, Product & Engineering, Blackhawk Network, added, “As we expand our India team of 150+ employees to deliver complex programs worldwide, we will continue to invest in their career development to grow and excel. We have hired an exceptionally talented team that contributes to our dynamic, innovative, creative and collaborative culture, and I thank them for all of their hard work and efforts throughout our first year.”

Bengaluru was selected as the preferred location for Blackhawk’s SDC owing to its deep talent pool and alignment with Blackhawk’s ‘follow the sun’ model. The location allows for agility and provides optimal proximity to Blackhawk’s customers and partners around the world.

To create a superior and consistent employee experience, Blackhawk has established a robust remote onboarding process for new hires while integrating with the global teams. While the SDC’s hiring strategy remains aggressive, the health and safety of new hires continues to be a top priority.

financial-gravity-companies-named-as-one-of-50-most-admired-companies-of-the-year-2020-by-the-silicon-review-magazine

Financial Gravity Companies Named as One of 50 Most Admired Companies of the Year 2020 by The Silicon Review Magazine

November 5, 2020 Published by

 

Financial Gravity Companies, Inc. (OTCQB: FGCO) Chairman & CEO, Scott Winters, announced today the recognition of Financial Gravity Companies by The Silicon Review.

The article states, “There are several financial firms with exquisite services, but one that stands out from the rest is Financial Gravity. The Company is a publicly-traded parent company that aims to bring together the best of breed financial services companies, including brokerage, wealth management, estate planning, family office services, risk management, business and personal tax planning, business consulting, and financial advisory services.”

Scott Winters, is quoted in the publication several times about the latest technologies, regulation, financial strategies and new services. Winters explained, “We provide a wide choice of financial strategies to our clients, both proprietary and non-proprietary. Our proprietary strategies have four important performance factors that we utilize: Security selection; Costs; Taxes; and Trust.”

There is also a detailed background of Winters’ business and professional accomplishments including that he built a wealth management business from zero to over two billion in assets managed across over 20,000 clients. He co-founded, built, and sold one of the fastest-growing fintech/wealth management businesses in America (according to Forbes).

itiviti’s-linda-middleditch-wins-european-women-in-finance-award-for-excellence-in-fintech

Itiviti’s Linda Middleditch wins European Women in Finance Award for Excellence in FinTech

November 4, 2020 Published by

 

Itiviti, a leading technology and service provider to financial institutions worldwide, today announced that Linda Middleditch, Chief of Product Strategy and Engineering, has won the Markets Choice Awards – European Women in Finance Awards in the category for Excellence in FinTech.

Linda joined Itiviti in June 2019 after spending more than two decades of her career within the financial services industry, where she held senior leadership positions at UBS, Citi and Morgan Stanley. She worked with every asset class across the entire trade lifecycle, and held roles in trading, operations, technology and product management. Her move to the vendor side enabled her to review and rethink the trading technology and the way of working with the financial institutions.

Linda’s focus on enhancing cognitive diversity within the product strategy and engineering teams has greatly enriched Itiviti’s approach to building the trading platform and the team members whose professional backgrounds are anchored in areas similar to those of our clients.

The modular design technology delivers flexible solutions to meet clients’ evolving needs. The collaborative approach with clients allows the firm to support and accompany customers to overcome their trading-related challenges and align with their future growth.

“Cognitive diversity can be transformative for FinTechs,” says Linda. “At Itiviti, this is one important element in our overall approach to creating and enhancing our overall technology ecosystem. Other elements include our modular design approach, our strategic partnerships, and the way we engage with our clients.”

Another essential element is Itiviti’s strategic partnerships, which bring additional expertise into our technology ecosystem. For example, in January 2020, Itiviti announced a new partnership with Imandra, a technology company focused on cloud-scale automated reasoning. Imandra’s technology is improving the onboarding process for Itiviti clients to Itiviti’s Managed FIX global connectivity platform.

“We congratulate Linda on this award and celebrate this success with her,” says Rob Mackay, Chief Executive Officer of Itiviti. “Linda’s leadership is enabling Itiviti to engage in new and exciting ways of collaborating – in our teams, our technology, our strategic partner network, and with our customers – to drive innovation and transformation.”

unest-launches-investment-account-for-parents-and-kids,-offering-significant-advantages-over-529-plans

UNest Launches Investment Account for Parents and Kids, Offering Significant Advantages Over 529 Plans

November 4, 2020 Published by

 

UNest, the first-of-its-kind mobile app that helps parents invest in their children’s future financial wellness, announced the launch of UNest Investment Account, a tax-advantaged custodial account that enables parents to save for more than just their child’s education. In addition to funding college and other educational expenses for their children, parents can use the UNest Investment Account to plan for and cover the cost of goals and milestones such as buying a first car, house, or a wedding.

UNest is the first and only savings and investment app to offer multiple types of saving plans to meet the preferences and priorities of parents when planning for their children’s future. The UNest Investment Account combines age-based saving plans, free planning tools, and advice and advocacy resources from financial advisers. The UNest Investment Account offers five investment portfolio options depending on the age of the child, the family’s unique situation, and their investment profile. Unlike traditional 529 accounts, there are no penalties on early withdrawals from UNest Investment Accounts. Parents can set up their UNest Investment Account in five minutes or less through UNest’s award-winning app.

Traditionally, parents across the income spectrum have had to parse through the multitude of complicated 529 plans offered by each state and by financial institutions to identify the best college savings approach for their children. In addition to complex application processes, 529 plans are often saddled with hidden fees, and subject families to heavy financial penalties when funds are not used for college. Many families are also forced into a savings silo with 529s that fails to reflect their future needs since 529s can only be used for education expenses.

An additional benefit of the UNest Investment Account for Kids is that there is no attachment to the parent’s home state. With 529s, parents often wrongly assume that they can only use the plan offered by their home state. This results in parents often selecting a 529 plan that performs poorly, or is misaligned with their family goals. Once they select a 529 plan, parents then typically have to complete an arduous, paper-based application process. These problems are more acute for lower- and mid-income families that cannot call on financial planners to help navigate to the right solution.

“Our decision to offer The UNest Investment Account for Kids was born out of feedback from our rapidly-growing community of UNest families,” said Ksenia Yudina, CEO and Founder of UNest. “Our users often asked us what would happen if their kids do not go to college, or they receive full-ride scholarships or financial aid. Especially during a pandemic, when a lot of education has shifted online and families are worried that the cost of tuition is simply unsustainable, the new type of account with tax advantages and greater flexibility presented an excellent balance for parents.”

The launch of the UNest Investment Account is particularly timely with the pandemic leading to many families evaluating and refining their future financial goals. This, plus the fact that parents are increasingly concerned about tuition costs, means that flexibility in how funds are used, and avoidance of potentially costly penalties from early withdrawals, are critical requirements.

The UNest Investment Account will join UNest’s existing 529 solution as part of its product portfolio. UNest has eliminated many of the issues parents faced when selecting and applying for a 529 including dramatically reducing the time and effort required to establish and manage a 529 plan. By offering both 529 plans and the UNest Investment Account, parents of all income levels and backgrounds will have access to a solution that meets both their short and long-term needs. UNest develops investment portfolios using Vanguard funds that are recognized for offering the lowest fees in the industry.

calgary-fintech-firm-lendingarch-named-4th-fastest-growing-startup-in-canada-for-2020-by-canadian-business-journal-and-maclean’s-magazine-as-the-annual-list-of-canada’s-fastest-growing-companies-is-unveiled

Calgary FinTech Firm LendingArch Named 4th Fastest Growing Startup in Canada for 2020 by Canadian Business Journal and MacLean’s Magazine as the Annual list of Canada’s Fastest-Growing Companies is Unveiled

November 4, 2020 Published by

 

Canadian Business has ranked LendingArch No. 4 (Four) on the annual Startup List, the definitive ranking of Canada’s Top New Growth Companies.

Produced by Canada’s premier business and current affairs media brands, the Startup List ranks Canadian businesses on two-year revenue growth. Startup List winners are profiled in a special print issue of Canadian Business published with Maclean’s magazine and online at CanadianBusiness.com and GrowthList.ca.

LendingArch made the 2020 Startup List with two-year revenue growth of 6633%.

“The companies on the 2020 Startup List are exceptional. Their stories are a masterclass in how to survive when the economy throws a curveball. Despite turbulence, the 2020 Growth List and Startup List companies showed resilience, spirit and, most importantly, empathy and strong leadership,” says Susan Grimbly, Growth List Editor. “It’s encouraging to see that the heart of Canada’s entrepreneurial community beats strong, even in tough times.

LendingArch, the nation’s leading online financial marketplace gives Canadians the ability to compare rates and shop for loans from over 400 trusted partners. LendingArch provides Auto loans, Personal loans, Insurance and Credit Card comparison services through their platform www.lendingarch.ca. “We are very happy to be named the 4th fastest growing startup in Canada“. Says Paul Hadzoglou, the company’s President. “We will continue to strive to make LendingArch a household name within Canada for various categories of loans and continue to provide premier customer service to all of our highly valued customers within Canada“. Says Mr. Hadzoglou.

Arti Modi, one of the company’s Founders who oversees Business Development relationships within the Company’s marketing division and leads a robust Marketing team within LendingArch. “We have seen spectacular growth within the marketplace for Auto loans in Canada and look forward to showing Canadians our solutions for other categories of Loans such as Personal loans and Guarantor loans as we expand our footprint within those sectors by end of Q4 2020″, says Arti. “We are thrilled to be recognized as the fourth (4th) fastest growing company in Canada and would like to thank all of our valued customers in Canada for trusting in our brand to provide them the solution they are looking for” Says Modi.

Since 2015, LendingArch has seen over 280,000 Canadians apply through their platform for a loan, and currently attracts over 15,000 applications per month. LendingArch has been nominated for and has won multiple awards for growth and innovation within the Fintech Sector and is a significant brand and leader in the online lending and rate comparison category within Canada.

incomm-payments-grows-data-processing-operations-in-georgia,-collaborates-with-georgia-department-of-economic-development-to-strengthen-state’s-position-as-fintech-innovation-hub

InComm Payments Grows Data Processing Operations in Georgia, Collaborates with Georgia Department of Economic Development to Strengthen State’s Position as FinTech Innovation Hub

November 4, 2020 Published by

 

Georgia’s legacy as the payments processing capital of the country grew stronger today as InComm Payments, a global payments technology leader, announced new investments in multiple Georgia communities. The company will continue to grow its data processing operations in Columbus, its IT Global Command Center in downtown Atlanta, and Go Studio – an emerging technology incubator also located in downtown Atlanta. These innovations were supported by the Georgia Department of Economic Development (GDEcD) team.

With the surge of new FinTech solutions and programs, InComm Payments is expanding its Columbus facility to support customer service and help ensure regulatory compliance and fraud prevention of new FinTech products and services as they are developed. The IT Global Command Center in Atlanta will house a cross-functional team of both security and IT professionals who will monitor transaction activity to proactively address system needs and its cybersecurity stance as situations are ever-evolving.

“Nearly 70% of all payment transactions are processed in Georgia, particularly by companies in the Atlanta area, which has earned the region the nickname ‘Transaction Alley,’” said Bob Skiba, Executive Vice President, Regulatory and Government Affairs at InComm Payments.

“This accomplishment is made possible by the continued dedication of GDEcD and local companies that have fostered a strong spirit of innovation within the state’s FinTech community,” said Michael Parlotto, Vice President of Emerging Technology and head of Go Studio. “We are proud to do our part to uphold this legacy, as we did earlier this year with the opening of Go Studio.”

Go Studio is an innovation hub utilizing emerging technology to research and develop proofs-of-concept for customer-centric products and solutions. Based in InComm Payments’ Atlanta headquarters, the studio is currently exploring applications for blockchain, artificial intelligence, voice assistants and more. The studio is also collaborating with Georgia-based colleges and universities, such as Kennesaw State University, to provide local students with opportunities to participate in the ideation and implementation of emerging technology solutions. InComm Payments was one of the first sponsors of the Georgia Fintech Academy of the University System of Georgia, which facilitates partnerships with most Georgia-based public institutions and the University System of Georgia’s Apprenticeship Program.

A delegation led by Pat Wilson, Commissioner of the Georgia Department of Economic Development, and Gary Black, Commissioner of Agriculture for the state of Georgia, safely visited Go Studio and the IT Global Command Center in July 2020 to discuss potential applications of the latest FinTech innovations in support of local industries and businesses.

“InComm Payments continues to invest in Georgia, and we are grateful for their focus on innovation and their support for growing the future of FinTech and the workforce needed to support it,” said GDEcD Commissioner Pat Wilson. “As is the case for so many of our Georgia industries, our FinTech leaders are interested in advancing the future to benefit all. InComm Payments is at the top of that list.”

Georgia FinTech companies generate a combined annual revenue of more than $72 billion. For more information on Georgia’s technology industries, visit www.georgia.org/industries/technology.

grantit-announces-participation-in-hong-kong-fintech-week-2020

Grantit Announces Participation in Hong Kong Fintech Week 2020

November 3, 2020 Published by

 

Hong Kong based Fintech startup, Grantit will be exhibiting at the startup virtual exhibition at Hong Kong FinTech Week, one of the leading FinTech events in Asia which will be held on 2nd to 6th November 2020.

Grantit provides sensible, simple, smart and stress-free digital personal financing solutions. The Grantit mobile application covers every stage of the loan process, which opens access and simplifies the way for Hong Kong people to manage the micro-loan for everyday needs. Until Summer 2020, the company has achieved a total applied loan amount of HK$90 million.

The Grantit micro-loan app has recently evolved into Version 2.0, recognising the importance of being customer centric and data driven, we make it a priority to provide a professional service that truly benefits our customers on all levels, and strive to make strategic decisions based on data-driven knowledge and insights for better customer experience.

The Hong Kong FinTech Week is an Asia’s global financial technology event where entrepreneurs, investors, regulators and visionaries will participate. The event will take place virtually in Hong Kong from November 2 to 6.

This is the first time Grantit will be participating in an international Fintech event, and the team is ready and excited to connect with the tech industry giants and startups for growth opportunities and networking, overseeing the current fintech trends and redefining the future technology in the financial markets.

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