The Fintech Times Bi-Weekly News Roundup takes a look at the latest fintech stories from around the world on Thursday 15 August 2024.
Partnerships
Arch Insurance, a global specialty insurer, has partnered with digital risk processing platform Cytora to further digitise its risk intake and streamline underwriting workflows. Arch selected Cytora as a partner because of Cytora’s fully configurable platform which enables Arch to integrate unique requirements and optimise insurance workflows through AI and automation.
Fintech NOW Money has unveiled a new strategic partnerships with Commercial Bank International (CBI) and Network International (Network). NOW Money will leverage CBI’s banking infrastructure and expertise to enhance NOW Money’s capabilities to deliver ”efficient, secure and comprehensive’ banking solutions to its users. With CBI’s support, NOW Money also aims to expand its product offering.
These agreements mark a significant milestone in NOW Money’s mission to provide accessible and inclusive financial services to the underserved migrant worker population in the GCC. These collaborations will empower NOW Money to offer even more comprehensive banking solutions to its customers by leveraging the strengths and expertise of these organisations
Visa and Saudi Tourism Authority (STA) have launched the Tourism Data & Campaigns Management Hub. A first of its kind in the region, the hub supports the Saudi government’s efforts to promote Saudi Arabia’s tourism sector and enhance the visitor journey. The Visa-STA Tourism Data Lab offers data-driven insights on travel and tourism trends.
Financial services business Cardstream and multichannel payments provider PayPoint Plc (PayPoint) are joining forces. The partnership sees PayPoint integrating Cardstream’s Gateway Connectivity into its MultiPay digital payments platform, enabling to to continue to build a robust and scalable solution for clients. Cardstream is also onboarding the Confirmation of Payee (CoP) service for its automated onboarding processes.
More collaborations
Aramex, a logistics and transportation company, has teamed up FlapKap, a MENA revenue-based financing platform. The collaboration aims to support new and existing Aramex merchants, small and medium e-commerce businesses based in the UAE to obtain a fast and flexible funding within 48 hours.
10x Banking and LTIMindtree have established a global partnership to make LTIMindtree a global implementation partner of 10x’s meta core banking platform. The partnership with LTIMindtree will enable 10x Banking to work with tier one and tier two banks around the world and deliver impactful change as they modernise legacy core banking systems.
PayQuicker, a global payouts orchestration company, has revealed a collaboration with Thunes, the money movement company, to expand its e-wallet payout capabilities worldwide. The collaboration aims to address the increasing demand for more diverse, and flexible payout methods, especially in emerging markets where e-wallets serve as essential financial tools.
Company milestones
Trustly, the open banking payments company, is celebrating “tremendous growth” in recent years with transaction value soaring in the first half of 2024 and exceeding £13billion. This represents a significant increase in comparison to 2023 when the company handled £13.6billion for the entire year. The company also currently partners with 9,000 businesses across 33 markets.
Product updates
SigFig, a digital wealth management solutions and technology provider for financial institutions and their advisors, has introduced new capabilities, including AI-powered functions, to its financial advisor collaboration platform, Engage. Engage also aims to help advisors to deliver personalised advice by integrating with systems, including Salesforce, Docusign, Microsoft and Google.
Appointments
Manchester-based proptech company Symple has appointed a new marketing lead to scale up its operations across the UK. The free online property compliance platform that streamlines portfolio management for landlords and property agencies has welcomed Katie O’Brien as its marketing manager. Symple also has plans to expand its suite of digital services.
Bitget, the cryptocurrency exchange and Web3 company, appoints Hon Ng as its chief legal officer. With over two decades of experience, Hon has extensively been working with governments and policymakers for global corporations. At Bitget, he will oversee the group’s adherence to regulatory requirements worldwide.
Plinqit, a platform that brings together automated savings, data-driven financial wellness content and virtual account management, has promoted Kirsten Longnecker as its chief marketing officer. Longnecker will oversee Plinqit’s marketing team and the company’s go-to-market strategy across its suite of deposit growth tools. Previously, she served as Plinqit’s senior VP of marketing.
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