Credit builder debit card BuildMyCreditScore, has announced its latest partnership, collaborating with responsible lender, Creditspring, to allow borrowers to boost their credit scores and improve financial inclusion.

The partnership will provide Creditspring members with access to BuildMyCreditScore via the lender’s members only space, which provides advice and support to empower members to make more informed financial decisions.

BuildMyCreditScore is a Mastercard debit card that allows people to build their credit score without changing their spending habits, taking out additional lines of credit or risk building debt.

Currently, according to PwC, there are 20m financially underserved people across the UK with fair or poor credit scores.

With a quarter (23%) of Brits denied credit due to their poor credit score and over four in ten (43%) wanting an easier way to build their score that doesn’t involve taking out new lines of credit, there is demand for alternative solutions that do not risk building long-term debt.

Through this partnership, Creditspring will be able to provide its members with enhanced financial support – giving members more control over their finances, unlocking access to more affordable credit products and boosting their financial stability.  

In its pilot phase, BuildMyCreditScore helped hundreds of people improve their credit score. The app was tested by a pilot of 632 customers between December 2022 and June 2023. Of that number, the majority saw an increase in their credit score of between 11 and 55 points within the first three months of trialling the product.

James Lynn, CEO and Co-Founder of BuildMyCreditScore, comments: “Our mission is to boost social inclusion across the UK by providing an innovative yet simple solution to empower millions of borrowers. This partnership with Creditspring will offer hundreds of thousands of its members another option to build their credit scores and unlock access to a wider choice of credit products.

“Many people with lower credit scores are excluded from mainstream lending and forced to turn to more expensive credit options - BuildMyCreditScore leverages open banking to allow users to improve their scores without changing spending behaviour, having to take out new credit products or risk building long-term debt and actually lower credit scores further.

“Creditspring’s position as a responsible lender and advocate for change makes it an ideal partner in our journey to improve transparency and support excluded borrowers.”

Neil Kadagathur, Co-Founder and CEO of Creditspring, comments: “The cost of living crisis has eroded savings pots and forced many households into a reliance on credit. However, we know that many people's credit scores are a barrier to accessing vital affordable credit, therefore we are always looking for ways in which we can help them build their credit files. This latest partnership is a key addition to the toolkit for our members looking to increase their credit options.

“The credit industry needs to do much more to provide more affordable alternatives to those struggling – Creditspring provides short-term, affordable credit to borrowers and the partnership with BuildMyCreditScore will improve future access to credit for many people who are reliant on borrowing. 

 “Creditspring’s innovative no-interest, subscription model eliminates hidden costs and provides affordable credit without risking borrowers falling into a debt spiral as well as enabling them to build their credit files to unlock access to mainstream credit in future - using BuildMyCreditScore alongside our solution allows borrowers to maximise their credit score.”

BuildMyCreditScore recently secured a £200,000 grant from Innovate UK, the UK’s innovation agency, to accelerate its offering to enhance financial inclusion and boost access to credit products - particularly amongst those who may typically be declined by lenders or incumbent credit building cards.

While the BuildMyCreditScore debit card works instantly like a regular bank card, the money is collected via Direct Debit a number of days later. People are therefore able to build their credit score by demonstrating their ability to manage rolling outgoings and repay credit promptly.

BuildMyCreditScore utilises open banking technology, is compatible with all major high street bank accounts and works with Experian, TransUnion, and Equifax to report key credit data. 

Creditspring provides a new way to access credit safely. FCA-regulated, it is a credit subscription service that responsibly offers short-term, affordable credit to borrowers. Members pay a fixed membership fee every month to allow them to access two no-interest loans per year with clear repayment terms, capped costs and no hidden charges, late fees or confusing interest rates.

APEXX Global, the leading global payments orchestration  platform, proudly announces the appointment of Carmela Borrotzu as Senior Vice President  of Finance and a key member of the Executive Management Team. 

In her new strategic role, Borrotzu will spearhead APEXX's global finance function, providing  critical support to the CEO and the Board. With over 15 years of experience in steering  financial leadership within major global technology and payments companies, Borrotzu will  oversee accounting, financial planning and analysis, treasury, tax, and investor relations  functions. Her expertise will play a pivotal role in advancing APEXX's payments offerings  worldwide. 

Prior to joining APEXX, Borrotzu served for eight years at Planet, a leader in unified  commerce solutions for retail, where she held the position of SVP Retail CFO, contributing  significantly to the company's rapid organic and inorganic growth. She has also held senior  finance roles at Updata/Capita and Fujitsu Services, demonstrating her ability to drive  financial transformation and business enablement. 

Carmela Borrotzu, SVP Finance at APEXX, expressed her enthusiasm for the role,  stating, "APEXX is an incredibly innovative company that leads the global payments  industry. I am eager to contribute to the next chapter of rapid, sustainable growth. My  passion lies in partnering with sales, product, and technology leaders to fuel business  transformation through financial leadership." 

Peter Keenan, Chief Executive Officer and Co-Founder at APEXX, commented, "We  are delighted to welcome Carmela to APEXX Global in this critical leadership role. Her depth  of strategic and operational finance experience will be invaluable as we continue to  accelerate our global growth. Carmela's impact will be instrumental in steering our company  through the next phase of expansion." 

Appital, the peer-to-peer price discovery and liquidity sourcing technology for asset managers, announces significant growth in user base and liquidity on its platform. 

Platform liquidity reached $800m notional in November alone, with $300m on a single day in December so far, up from $200m for the period between August 2022 and August 2023, prior to the launch of Appital Insights™ in September 2023. At the same time, 32 asset managers with $15trn AUM are now signed up, with 55 more in the onboarding stage, managing an additional $30trn AUM. 

Appital Insights™ is an industry-first initiative that allows buyside institutions to assess the viability of executing larger orders, above 20% ADV, without alerting the market. Appital Insights™ complements existing bookbuilding capabilities, whereby asset managers gain greater exposure to previously inaccessible, cross-border deal flow opportunities and interact with like-minded institutions in the liquidity discovery and price formation process.

Client onboarding is, in part, driven by integrations with EMS providers including Flextrade, Factset’s Portware, TS Imagine, Virtu Financial’s Triton EMS and Bloomberg. These integrations allow end-clients to originate bookbuilds and receive Appital liquidity opportunities directly into their workflows and trading infrastructure, enabling them to participate in price formation opportunities in a market for size that is relevant to them.

Appital Insights liquidity dynamics in Q4 2023 include:

• The spread of small, mid and large-cap liquidity was even (approx 33% each) 

• The average daily volumes ranged between 20% and 600% ADV

• The average notional of each opportunity within Appital Insights™ was $18m 

Mark Badyra, CEO of Appital, said: “Since launching Appital Turquoise BookBuilder™ 15 months ago we have continued to deepen our EMS integrations, increase our buyside community, and have launched Appital Insights™, which is complementary to our existing price and deal formation process.

“We are delighted with the industry support and participation we have seen to date. The significant traction we have within the asset management community validates the need for our offering, as our technology addresses the industry’s key pain points: accessing hard-to-find liquidity and the ability to execute multiple days ADV, including in small to mid-cap stocks, without the risk of price erosion.” 

Brian Guckian, Chief Business Development Officer, Appital: “This is an incredibly exciting time for our business and I feel that Appital has now reached an inflexion point. We have reached a significant milestone by hitting $2bn of buy-side liquidity in the first three months of Appital Insights™ going live. 

“In 2023, our focus has been on deepening unique liquidity on our platform; in 2024 we expect that the asset management community will fully unlock the potential of our platform. We look forward to continuing our collaborations, partnerships and integrations.”

Appital Insights gives buyside traders and PMs the confidence that they will be able to successfully execute large or illiquid equity trades before entering the market via Appital Turquoise BookBuilder™, which offers seamless straight-through-processing (STP) to more than 20 settlement destinations.

The Digital Token Identifier Foundation (DTIF), created by Etrading Software (ETS) to provide ISO standard identifiers for digital assets based on open data principles, today announced they have joined the Financial Conduct Authority’s (FCA) Digital Sandbox. The DTIF has been onboarded as a data supplier, and Denis Dounaev, Digital Token Identifier (DTI) Product Owner, is also recognised as a mentor under the Digital Sandbox Programme.

As Registration Authority (RA) for the ISO 24165 standard, the DTIF’s mission is to provide the golden source reference data for the unique identification of digital tokens. DTI use is recommended under the EU’s DLT Pilot Regime and has been proposed by ESMA for crypto-asset identification under MiCA. The DTI Registry includes technical attributes for over 1,800 digital tokens. The data provided by the DTI Foundation to the Sandbox is an accurate representation of all data currently captured by the DTI Registry.

First piloted in 2020, the Digital Sandbox has shown that collaboration and access to data can stimulate beneficial innovation in the market. The Sandbox supports innovators and data providers at various stages of product development. It offers a testing environment that enables the DTIF to support firms at the early stage of product development by enabling experimentation to test proof of concepts.

Denis Dounaev, Product Owner of DTIF, said, "We are very supportive of the objectives of the FCA's Digital Sandbox to build new technology-based solutions. We welcome participants to explore our new dataset for digital tokens and their ledgers. This is a great opportunity to collaborate with other key stakeholders in the digital space."

Worldline, a global leader in payment services, announces its wholly owned subsidiary, GCS APAC, has been granted Major Payment Institution license by the Monetary Authority of Singapore (MAS). The successful approval by the Singaporean financial regulator to Worldline’s wholly owned subsidiary, GCS APC, confirms Worldline’s position as one of the leading global operators in the financial payments sector. Specifically, it helps facilitate Worldline’s ambitions to expand its presence, not only in one of the most interesting markets in Asia but also into the wider, increasingly influential pan-Asian marketplace, while enhancing its offerings for both local and international merchants operating throughout the region.

The MAS license allows Worldline the opportunity to bring its innovative and market-leading payment technology solutions to one of the most advanced and rapidly expanding global markets with huge growth potential. It will be able to deliver localized and cross-border money transfer services, alongside supporting merchant acquisition services to an eager and increasingly demanding universe of local and international merchants conducting business within this marketplace.

With e-Commerce in Singapore expanding exponentially from SGD12.4 billion ($9.3 billion) in 2019 to an estimated SGD19.8 billion ($14.8 billion) in 2023 - at a CAGR of 12.3%, - this strong momentum is expected to continue, reaching SGD29.4 billion ($21.9 billion) by 2027 at a CAGR of 10.4% over 2023–27 [source: GlobalData]. The rapid rise in contactless card payments underpins this phenomenon with the number of contactless cards increasing from 27.7 million in 2019 to 39.3 million in 2023, and the annual value of card transactions estimated to exceed $107.3 billion in 2023 according to GlobalData.

This announcement further reflects Worldline’s successful strategic push into the wider, fast-expanding Asian regional markets,

• Japan, with its total card payment volume of c. 750 billion USD for 2023 [source: GlobalData], where Worldline has a preferred partnership with Vesca, a leading local provider of payment solutions and network service provider (NSP). Worldline is providing transaction processing, leveraging the footprint, scale and technology of its global payment processing facilities, while Vesca is the technical enabler that acts as the acceptance layer in the country. Through this set-up, to accept credit cards is simple and cost efficient for Japanese merchants.
• South Korea, where, according to GlobalData, eCommerce revenues are projected to reach US$119 billion in 2023 with an annual CAGR 2023-2028) of 7.7%, resulting in a projected market volume of US$160 billion by 2027. This market is particularly interesting for global e-commerce players, in support of whom Worldline has rolled out geo expansion recently. Through a deep understanding of the country’s financial ecosystem and local partnerships Worldline supports global online businesses process payments locally, as well as access the local market without having to set up a local entity.
• India, Worldline has been building a robust payment ecosystem for over 26 years. The Paytech offering in India encompasses the entire payment value chain – in-store and online - and is aligned with its commitment to building a less cash economy in India and boosting economic growth. Today, Worldline is acknowledged as one of the foremost Paytech organizations in India and is a preferred partner for 30+ leading public and private sector banks along with NBFCs, Insurance Companies, E-commerce, Start-ups, Retail brands, and SMBs. In India, Worldline has 1.5 million+ merchant touchpoints across 5000+ towns and cities.

Worldline Payment Orchestration takes charge as a prominent orchestrator, actively managing transactions in the Asia-Pacific (APAC) region.

In addition to serving merchants in the region, Worldline is also working with a large network of leading banks. Over 85% of banks in ASEAN countries are already using Worldline’s product portfolio in markets like Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Brunei, Taiwan, Hong Kong and China.

“Businesses and consumers in these diverse markets have shown great enthusiasm in adopting new ways of doing business for many years now. In line with their rapidly changing purchasing habits, they are constantly adopting innovative technologies and setting new trends with global implications”, says Ms Beate Krugmann, Head of East & Southeast Asia at Worldline Merchant Services.

“At Worldline we appreciate these exciting trends and are very keen to stay on top of innovation and development. As part of our regional expansion strategy, we are committed to playing a pivotal role in our Asian markets that are so rapidly gaining importance. I am very proud we have now been granted our new license from the Monetary Authority of Singapore, which ensures an even stronger foothold in Singapore and throughout our Asian markets.“

Japan's only international payment brand JCB Co., Ltd. has launched the “JCBDC” (JCB Digital Currency) Phase 2 pilot project with IDEMIA, a global leader in identity technologies, and the world’s leading fintech company Soft Space Sdn Bhd..

In Phase 1 of the JCBDC project, JCB, IDEMIA, and Soft Space developed a CBDC (Central Bank Digital Currency) payment solution, enabling merchants to accept CBDC without the need to modify their POS (point of sale) terminals and payment cards. This solution was successfully piloted in Tokyo in 2023, which has enabled JCB, IDEMIA, and Soft Space to proceed to the next phase of the project. 

In Phase 2 of the JCBCD project, customers will be able to transfer CBDC funds from one person to another person using their cards and mobile phones even without Internet connectivity. These offline P2P (peer-to-peer) fund transfers can either be done from one card to another with a mobile NFC device as an intermediary, or from one mobile NFC device to another mobile NFC device directly. This project is compliant with the open WLA (White Label Alliance at https://wla-payment.org/) payment standard and using secure elements to ensure optimal security. 

• In one option, consumers can send CBDC funds offline by tapping one person’s card to another person’s mobile NFC device. Then another person can tap their card to their mobile NFC phone to receive CBDC funds. Such a stored-value card (SVC) is used to securely store and transfer offline CBDC funds, thus acting as a digital version of cash in lieu of paper banknotes.

• Another option for consumers is to transfer CBDC funds offline by tapping their mobile NFC device to another person’s mobile NFC device. Both payer’s and payee’s mobile NFC devices operate off the network when CBDC funds are sent and received. 

For this project, IDEMIA and Soft Space provided the tokenization back-end server, mobile wallet application, card application and SoftPOS solution, as well as all necessary APIs and SDKs for system and application integration purposes. The project uses IDEMIA's protocol, the industry standard for Offline CBDC Payments, and leverages on Soft Space’s expertise in contactless payments.

This JCBDC project is aimed at ensuring that CBDC fund transfers can be done securely and conveniently, by anyone, at any time, with or without Internet connectivity, with an immediate guarantee of fund availability. JCB, IDEMIA and Soft Space will implement the second phase of the project and conduct a pilot in early 2024.

IDEMIA Quote:

“Our teams are proud to be taking part in this project, alongside JCB and Soft Space, which highlights IDEMIA's expertise and capacity for innovation in terms of CBDCs. We are convinced that allowing the public to transfer funds offline either with their contactless card or with their mobile phone will give them a great flexibility of choice. With this new phase, we continue to build on the expertise gained from previous successes with central banks across the world.” Romain Zanolo, IDEMIA Managing Director APAC Payment Services.

Soft Space Quote:

“We are delighted that phase one of the project has been successful, leveraging on existing technologies that JCB already utilises, such as its contactless EMV technologies and Tap on Mobile SoftPOS. In phase two, we will also evaluate host card emulation (HCE) and various other offline scenarios we are developing with JCB to further develop more real-life use cases aimed at ensuring that the eventual CBDC solution we implement will be of practical use in society.” Joel Tay, Chief Executive Officer of Soft Space.

JCB Quote:

“It gives me great honor to announce our collaboration with IDEMIA and Soft Space on this Phase 2 project continuing from Phase1. This project proves that we can use offline P2P funds transfer for new CBDC payment systems, which is a huge benefit for consumers in wide range of generations.” Koremitsu Sannomiya, Board Member, Senior Executive Officer of JCB.

Aivitam Ventures, together with Forbes Cyprus, proudly concludes The Future of Fintech Summit 2023, marking a historic milestone as the first-ever event of its kind in Cyprus. This two-day extravaganza unfolded in the City of Dreams, Limassol, on December 7-8, seamlessly blending offline and online engagement, bringing together over 500 industry leaders, visionaries, and innovators from the fintech landscape. 

Agenda Highlights

Day 1: A Day of Insightful Discourse

The Summit kicked off with a compelling keynote by Georg Hauer, exploring the intriguing question of "How will banking look in 2035?". Panels throughout the day covered diverse topics, from the disruptive nature of embedded finance and the evolving landscape of neobanks to the rapid pace of digital payments development, the impact of emerging technologies, and the future of fintech in the gaming industry.

Day 2: Expanding Perspectives

Laura Rofe captivated the audience with a keynote on "ESG, the Future of Payments," setting the tone for engaging discussions on international success strategies in fintech, the dichotomy of VC investments, and the future of wealth management. The day concluded with a powerful panel on "Women in Tech," celebrating the contributions of inspiring women in the industry.

Learn more about the speakers and agenda at fintechexpo.eu. 

Gratitude to Partners

Aivitam Ventures extends heartfelt thanks to our partners, whose innovation and support elevated the Summit experience for all participants. A special acknowledgment to our Platinum Partner, payabl., whose forward-thinking approach contributed significantly to the Summit's success. We also express our appreciation to Soft2Bet, Ameetee, Vidby, and CDA Group for their invaluable contributions.

To Sum Up

The insights shared, collaborations forged, and innovative ideas exchanged at The Future of Fintech Summit 2023 have undoubtedly fueled the trajectory of fintech excellence. Aivitam Ventures looks forward to continuing this journey of exploration and innovation in the years to come.

FOMO Pay, a Singapore-based digital payment leader, has joined forces with Zand Bank, the UAE's first digital bank, in a strategic partnership to facilitate seamless cross-border payments between the dynamic markets of Asia and the Middle East and North Africa (MENA). This collaboration aims to enhance cost-effectiveness and time efficiency in B2B cross-border transactions, providing businesses with streamlined digital payment and digital banking solutions for collections and payouts in the regions.

As a major payment institution licensed by the Monetary Authority of Singapore, FOMO Pay has expanded its global remittance reach to 70+ countries. Having recently secured a Money Service Operator license from the Hong Kong Customs and Excise Department, FOMO Pay strengthens its presence in the Greater Bay Area. With a robust presence in Asia, FOMO Pay remains dedicated to building regulated financial bridges between Asia and global markets. Similarly, Zand Bank, a leading digital bank fully licensed by the Central Bank of the UAE, has consistently contributed to the growth of digital economy and financial connectivity in the MENA region through its secure, transparent, and convenient banking services. In addition to forward-looking banking services, Zand is set to be at the forefront of digital and financial innovation, providing the foundations for a broader generation of digital services. Zand will also be unique in its focus on ecosystems and communities of businesses, enabling it to introduce expanded and unchartered suite of services that grows with the ever-changing financial landscape.

The MENA region is experiencing steady economic growth driven by innovation across diverse sectors, with a focus on deepening trade ties with Asia. To facilitate cross-border business, FOMO Pay and Zand Bank collaborate to streamline B2B transactions and international remittances across Asia and MENA, enabling fast and cost-effective payment processes from initiation to settlement. Leveraging their extensive local networks and banking partnerships, this partnership not only ensures swift and secure payment processing but also empowers FOMO Pay and Zand Bank to extend more competitive rates to their clients. As a result, businesses benefit from improved cost-efficiency in sending and receiving payments between these two regions. This is one of many regions, and the first of many steps in Zand and FOMO Pay's strategy to create an ecosystem that allows their clients to financially connect with the rest of the world while remaining committed to its core values of security, privacy, and customer-centricity, ensuring a seamless transition to a new phase of digital finance.

"At Zand, we are committed to fostering financial connectivity between MENA and the world. Our partnership with FOMO Pay is a key step in achieving this goal and establishing Zand as a gateway to the MENA and Asia region. By leveraging our combined expertise, we will provide businesses with seamless and cost-effective cross-border payment solutions, helping to fuel economic growth in both regions," said Michael Chan, CEO of Zand. "Zand takes an open-minded approach, unconfined by the tools and technologies of our time to redefine the boundaries of traditional banking for our partners and clients."

"As we embark on this strategic partnership with Zand Bank, we're excited not only to empower Zand Bank with our leading digital payment and digital banking solutions but also to unlock the synergies that arise from our collaboration," said Zack Yang, Co-Founder of FOMO Pay. "This partnership is a two-way street — as we join forces with Zand Bank to establish stronger connections with Asian markets, we simultaneously enhance our own payout and settlement processes in MENA to better meet the diverse remittance needs of our clients. The joint effort aligns with our commitment to drive innovation and foster connectivity in the global markets."

The collaboration between FOMO Pay and Zand Bank signifies a key step in enhancing cross-border payment system efficiency. By delivering innovative solutions for fast, secure and cost-effective transactions, both companies play a pivotal role in boosting cross-border economic activity, improving connectivity between the two influential economies.

The Western Union Company today announced the appointment of Julie Cameron-Doe to the Company’s Board of Directors, effective December 12.

“Julie’s breadth of finance experience, her inspiring leadership style and growth mindset will serve as great assets as we continue to progress through this period of accelerated transformation,” said Devin McGranahan, President and CEO, Western Union. “As we drive toward sustainable growth, we believe that Julie’s seasoned expertise in both public and private companies will be crucial in support of our next chapter to expand our value propositions for the aspiring populations of the world.”

Ms. Cameron-Doe brings a wealth of knowledge in business strategy and finance to the Western Union Board. She currently serves as Chief Financial Officer of Wynn Resorts, Limited, supporting the company’s expansion into new international and domestic markets, while developing and leading strategies focused on revenue diversification.

Prior to joining Wynn Resorts, she served as the Chief Financial Officer of Aristocrat Leisure Limited, helping lead the company to significant growth in market capitalization through a combination of organic and inorganic strategies. She also held financial roles of varying degree and increasing responsibility with Orbitz, International Master Publishers, and The Walt Disney Company.

“It is an honor to join the Board of a brand with the history, credibility and level of social impact that Western Union possesses,” said Ms. Cameron-Doe. “Throughout my career, I’ve focused strategically on the intersection between brand trust, which is always built one interaction at a time, and resulting increases in brand value and revenue. I’m excited that Western Union shares a similar focus and look forward to working with Devin and the Board to advance the company’s Evolve 2025 strategy."

Ms. Cameron-Doe will serve on both the Audit and Compliance Committees of the Board, also effective December 12.

TransUnion, a global information and insights provider and one of the UK’s leading credit reference agencies, won best Anti-Fraud Solution for a second consecutive year at the Credit and Collections Technology Awards 2023.

The industry recognition at the Credit and Collections Technology Awards acknowledges the pivotal role that TransUnion’s flagship TruValidate solution plays in addressing the challenge of delivering robust fraud prevention tools, whilst maintaining streamlined consumer onboarding and friction-right customer experience.

Chad Reimers, general manager for fraud & ID at TransUnion in the UK said: “We are honoured to have received this accolade for the second year in a row, recognising the tangible benefits we have delivered for our customers across sectors. At TransUnion, we have built on our proud legacy to continually advance our solutions to adapt to the ever-evolving challenges our customers face, helping us to make trust possible between businesses and consumers.

“Our TruValidate solution provides businesses with unique insights about consumer digital transactions – helping businesses to spot fraud and safeguarding potentially tens of millions of transactions each day. This award highlights the dedication and hard work of our colleagues, who work hand-in-hand with our customers to achieve the right bespoke solution for their needs.”

A recent TransUnion survey found that 44% of UK consumers were targeted by online, email, phone call or text message fraud between August and October alone, with 7% having subsequently become a victim. This highlights the ongoing need for businesses to be vigilant and make the protection of consumers a leading priority.

The highly configurable TruValidate suite incorporates identity proofing, risk-based authentication and fraud analytics, and delivers an actionable and robust view of each consumer by linking proprietary data, personal data, device identifiers and online behaviours. This allows hundreds of organisations across different industries, including Banking, Fintech, Gaming, and more, to help protect their businesses and focus on offering effective, personalised and friction-right experiences through a light-touch and flexible integration. 

The Credit and Collection Technology Awards highlight the success of companies that lead the way in the credit industry, with a focus on how technology supports the sector in developing and enhancing best-in-class solutions.