Tata Consultancy Services (TCS), leading global IT services, consulting, and business solutions organization, announced that Commercial Bank of Kuwait (CBK), one of the largest financial institutions in Kuwait, has selected TCS BaNCS™ for Treasury to manage risk better, enhance asset class coverage, and drive future growth. 

Splitit, the company empowering consumers to use their existing credit to spread payments over time, announced a partnership with tabby, the leading Middle East Buy Now Pay Later (BNPL) provider. tabby will integrate Splitit’s instalment payment platform through a white-label solution to allow tabby’s merchants to offer instalments on credit cards.

• 85% of respondents at global financial institutions believe Banking as a Service (BaaS) will make an impact over the next year; 40% believe the impact will be significant
• More than 9 in 10 respondents agree that Open Banking is important to their organization; 97% of those that already use Open Banking recognize that it has provided benefits to their business

Chirag Shah, CEO, Nucleus Commercial Finance comments:

“SMEs across the country were hoping to reopen on 21st June and had naturally planned for this financially. This delay combined with winding down of government support is undoubtedly a big blow for those businesses who have started making repayments on existing facilities. Our own research found that only a quarter of SMEs were anticipating a delay to reopening, meaning the majority of businesses were caught off guard.

Pound Underperforms, AUD Dips on Sydney Lockdown

Business Email Compromise (BEC) and cyber attacks are on the increase worldwide. Conveyancing firms, their clients, and other organisations effecting many large non-recurring type transactions are particularly vulnerable to BEC fraud. Ryan Mer, Managing Director, eftsure Africa, a Know Your Payee™ (KYP) platform provider says gaps in organisations’ payment systems not only pose massive financial and reputational risks, but can have serious legal implications as well.

Dubai-based logistics Software as a Service (SaaS) startup zip24 has raised US$1.2 million in a pre-series round, led by London-based Sturgeon Capital, along with Angel investors from the UK and Gulf Cooperation Council (GCC) countries, including Hayaat Group, Teqvisory, and Robert Kay.

David Jones, Chief Market Strategist at European investment trading platform,Capital com, said: “It has been a calmer week in markets following the interest rate-inspired fireworks we had at the end of last week. In fact, it has been business as usual for many major assets."