The agreement will see CTBC Bank implement Avaloq’s core banking solution internationally, starting from its business units in Hong Kong and Singapore.

Avaloq’s new client, CTBC Bank, is Taiwan’s largest private bank by consolidated assets under management, with a proud history in the region. CTBC Bank has the most extensive international presence of any Taiwanese bank, with over 116 overseas branches across 14 countries. The bank has a strong foundation in supporting regional businesses, providing international enterprises with comprehensive transnational financial services.

CTBC Bank selected Avaloq Core due to its comprehensive product coverage, strong straight-through processing capabilities and hardware-enforced security policies that ensure banking resilience. As CTBC Bank operates across several Asian markets, Avaloq Core will also provide the potential for the bank to consolidate its wealth management business, retail banking and other offerings within a single secure space, boosting the bank’s operational efficiency across the region.

Over 150 financial institutions globally, managing approximately USD 5 trillion in assets, rely on Avaloq’s award-winning digital banking solutions. This latest client win underscores Avaloq’s strong growth momentum in the Asia-Pacific market, building on its strong local presence with offices in Singapore, Hong Kong, Manila, Pune and Sydney.

Pascal Wengi, Managing Director for North Asia at Avaloq, said: “We are delighted to partner with one of Taiwan’s premier banking institutions and welcome CTBC Bank to our growing Avaloq Community. CTBC Bank continues to lead the industry in digitalization, leveraging on new fintech capabilities to drive innovation and create new engaging digital experiences. As Avaloq continues to expand its footprint in North Asia, our work with CTBC Bank will be vital for our future growth.”

Frank Shih, Executive Vice President at CTBC Bank, said: “We chose Avaloq Core as we were impressed by the flexibility and capability of the product to meet the requirements of our distinguished clients. The platform’s simplicity and seamlessness will also aid us in our day-to-day operations, helping us to enhance and deliver quality private banking services. We look forward to working with Avaloq as we move to consolidate and upgrade our international business on the Avaloq Core platform.”

BSO, the global pioneering infrastructure and connectivity provider, and EllaLink, the express optical platform between Europe and Latin America, announced today plans to develop the financial markets between Europe and Latin America in order to commercialise low latency services for their customers.

To date, European and Asian firms wanting to trade the Brazilian markets have had to transit through the US. With the launch of EllaLink in June, trading strategies in Brazil and South America that were previously uneconomic for international entities have become much more attractive.

BSO has partnered with EllaLink at a strategic level to put in place the necessary ultra-low latency connectivity and infrastructure to enable trading firms from around the world to access the Latin American exchange, and to capitalise on the opportunities that it offers. These new routes will open up a wide range of possibilities for proprietary trading firms, capital banks, hedge funds and other market participants, across multiple asset classes.

“We are proud to be the preferred supplier for EllaLink in the capital markets sector. Our work to connect those in emerging markets with other trading networks around the globe has garnered significant results for the regions in question, even at this early stage. With this rapid progress in mind, BSO is well-placed to ensure that firms who want to access the Brazilian market have everything they need,” said Michael Ourabah, Chief Executive Officer, BSO.

Vincent Gatineau, EllaLink Chief Marketing & Sales Officer, added “Our partnership with BSO further demonstrates EllaLink’s ability to recognise the needs of the global markets and to provide services that will bring financial communities together. We are excited to say that EllaLink’s direct routing provides a significant latency advantage over competing networks, creating new opportunities for our partners and customers.”

Yolt Technology Services (YTS), one of Europe’s leading open banking providers, has been chosen by Keebo, a new generation UK credit card provider, to deploy Open Banking data through the application of Account Information Services (AIS) into its business, delivering operational efficiency, enhanced simplicity and a better user experience for credit customers.  

The rapid integration of robust open banking via API from YTS into Keebo’s underwriting process aggregates normalised and categorised transaction and balance data from customers’ bank accounts, which helps underwriters assess customers’ credit history and financial behaviour very quickly. With consent, credit applicants can link their financial history quickly and easily through the Keebo app, which allows the underwriter to obtain a real-time snapshot into a borrower’s financial health, and analyse spending habits, savings, and investments. This enables faster customer sign up and removes the need for Keebo to manually process unstructured data for underwriting and onboarding purposes, which significantly reduces time and resource and enables them to provide credit quickly and with lower risk.  

The Open Banking technology also plays a vital role in providing customers with access to credit and financial inclusion. Through customer consent via YTS’ API, Keebo can access their customers’ financial data to ensure credit provided is affordable according to their circumstances. The process guarantees greater transparency, control and security for customers and ultimately helps them build a financial profile, improve their credit scores and achieve their financial objectives.   

Jack Tenwick, Head of Sales at YTS, said: “We’re thrilled Keebo has chosen YTS as a strategic partner to support its open finance proposition. As the only provider of credit card approved by the FCA to use open banking, KEEBO seamlessly integrates YTS technology, demonstrating our capability to help like-minded businesses maximise the potential of open banking technology. We believe Keebo is a perfect example of Open Banking’s transformative impact on business efficiency, cost reduction and the front-end user experience, as well as improving financial inclusion.  

“This partnership is all about maximising what open banking can do to deliver tangible benefits to Keebo’s business and the customers using their platform. Delivering bank-grade, stable and intuitive APIs with frictionless consent journeys for customers are core components of YTS’ offering, and our technology is leading the way in transforming the credit market, helping both businesses and customers alike.”  

Matthew Hallett, Chief Technology Officer of Keebo, commented: “The consumer credit market has traditionally relied on outdated and biased credit risk models that exclude people with no or limited credit history. We believe that credit shouldn’t be one size fits all and open banking data allows us to offer credit based on our customers’ unique financial situation and behaviour. 

“YTS have extensive API coverage and offer a simple, fully functional sandbox enabling super quick development thus reducing our time-to-market.” 

W2, a leading UK provider of regulatory compliance software, have today announced a strategic partnership with Sodexo Engage, who offer quality of life services to a multitude of industries.

The partnership will see Sodexo Engage using an array of W2 services including Know Your Business (KYB), AML, eKYC and email validation. All of these services will be consumed through the W2 SalesForce widget, allowing them to reduce manual processes, experience a single customer view and remain compliant.

The partnership will enable Sodexo Engage to have access to W2’s KYB + Credit service to obtain business reports which will provide credit checks, risk ratings, credit worthiness and a number of other data indicators on their end clients. The service will also be used during the sales prospecting stage to allow Sodexo to vet prospects ensuring their validity and the opportunities they are working on are legitimate.

“We are thrilled to be announcing our partnership with Sodexo Engage” commented Warren Russell, CEO & Founder of W2. “Sodexo Engage came to us with a clear requirement for screening their clients and prospects to achieve a single customer view with data accuracy at the forefront of their need. Not only achieving that but doing so through the most simplified way possible is what we have been working with them to achieve. We are now confident we have developed a custom, seamless solution for their business and their requirements.”

Automation is key for Sodexo Engage. With the amount of clients they work with on a day to day basis, using both data and technology within the credit decisioning process is going to be the main benefit to them, and W2’s tech team have been working tirelessly to develop a workflow fit to their specific needs, whilst providing strength in the data they are consuming.

Simon Nicklin, Director at Sodexo Engage commented “Automation, data and compliance remain key for us as we continually focus on improving the way we deliver our services. We are delighted to be working alongside W2 as a Strategic Partner in order to achieve just this.”

App enables financial institutions to build digital savings, investment and wealth management propositions at speed and scale

Nucoro, a London-based wealthtech provider today announced that its cloud-native platform is available for purchase through Finastra’s FusionStore. The retail platform enables banks, wealth managers, insurance firms and fintechs globally to benefit from an enhanced business model that drives up margins whilst delivering digital saving, investing and advice propositions to customers.

Going live on FusionStore marks the final stage of the app development journey for firms using Finastra’s open development cloud platform, FusionFabric.cloud. The FusionStore marketplace enables Finastra’s customers worldwide to access, test, purchase and deploy certified apps on top of Finastra core systems, helping them quickly realise the benefits and deliver added value to their customers.

Nucoro offers financial institutions a range of money management propositions from automated investing and stock trading through to digital wealth management which provides a fully automated experience for mass market users. The platform increases customer engagement, retention and revenue per customer, while attracting new customers through new digital propositions. Built on Finastra’s industry-leading core technologies and harnessing an extensive catalog of open APIs, the platform connects to Finastra’s Fusion Equation and Fusion Essence solutions for simple deployment, as well as faster integration and delivery. It uses cloud-native API-based technology and blueprints for configuration.

Lennart Asshoff, CEO, Nucoro said, “We are delighted to launch the Nucoro Platform on the FusionStore. Finastra’s expertise and reach within the financial services space allows us to distribute the platform to a global market and power our mission of enabling firms to leverage the potential of digital investment offerings. As more banks globally start to realise the opportunity in converting savers to investors, this partnership paves the way for an exciting future in investment technology.”

Philip Taliaferro, Head of Partner and Fintech Ecosystem, Finastra said, “We’re excited that Nucoro has joined our FusionFabric.cloud ecosystem with the launch of its app in our FusionStore. This milestone enables our customers to access innovative capabilities quickly and cost efficiently, to extend their offerings and provide better customer experience. The Nucoro solution will help drive investing opportunities for traditional retail banking customers, presenting exciting growth opportunities for our customers and investing opportunities for individuals. We are pleased to welcome Nucoro onboard.”

Using Finastra’s open APIs, developers can create solutions that address business challenges across the financial services spectrum, including retail banking, payments, transaction banking, corporate banking, lending, treasury and capital markets. 

Open Banking Expo, the leading global community of Open Banking and Open Finance executives responsible for digital transformation across financial services, will return to Canada for a third year this November.

Once again with Equifax Canada, Canada’s leading trusted consumer data provider, as its headline partner, a two-day virtual event will bring together financial services and fintech innovators, visionaries, and disruptors who have been trailblazing consumer-directed finance since the event launched in 2019.

Adam Cox, co-founder of Open Banking Expo, said: “We are thrilled to be able to bring together the industry, especially at such an opportune time as the Canadian Government’s Advisory Committee published its Final Report on Open Banking setting out the road map and timeframes for its implementation. While still at the beginning of the journey, Canada boasts a growing community of Open Banking and Open Finance pioneers working to bring consumer-directed finance alive for consumers, small businesses, and the wider financial services sector. And we are proud to play our part in supporting this movement, which the line-up and agenda for this year’s event aptly reflect.”

Sue Hutchison, President of Equifax Canada, said: "We are proud to partner with Open Banking Expo for the third year in a row. The Expo is a powerful platform for industry leaders to share their insights and discuss the future of Open Banking in Canada, especially in light of the latest Government Report and its Recommendations to bring the benefits of Open Banking, such as data transparency and financial control, to Canadian consumers.”

The program is now live at www.openbankingexpo.com/canada.

Hundreds of C-level and senior-level delegates from across the financial services sector are expected to attend and exchange ideas and insights on the future Open Banking roadmap and what a “made-in-Canada” approach to its implementation will look like.

Headlined with an Open Keynote from Bill Morneau, Senior Fellow at Jackson Institute and former Finance Minister of Canada, the event will strike a healthy balance between debates, keynotes with industry overview, analysis and opinion on topics ranging from the role of Open Banking in the post-COVID-19 recovery and the security and privacy debate around data, to commercial opportunities for small businesses and what Open Banking means for Canadian consumers.

Some of the speakers include:

• Bill Morneau, Senior Fellow at Jackson Institute, and former Finance Minister of Canada
• Scott Farrell, Co-Chair, Australian Government & #39’s FinTech Advisory Group and led the Australian Government’s review into Open Banking in Australia
• Senator Colin Deacon, Advocate of consumer-directed finance, Senate of Canada
• Sumee Seetharaman, AVP Open Banking, TD Bank
• Stéphane Bousquet, Open Banking Leader, National Canada Bank
• Mark Paulsen, Senior Director - Strategic Platforms- API & Open Banking, CIBC
• Rami Thabet, VP, Digital Product, Royal Bank of Canada
• Chantal Bernier, former interim Privacy Commissioner of Canada, Counsel, Canadian Privacy and Cyber security Practice Group Lead, Dentons
• Jennifer Reynolds, Chief Executive Officer, Toronto Finance International
• Kevin Morris, Strategy and Programs Director, Large Credit Union Coalition
• Chantal Bernier, former interim Privacy Commissioner of Canada, Counsel, Canadian Privacy and Cyber Security Practice Group Lead, Dentons
• Elizabeth Sale, Partner, Banking & Financial Services, Osler, Hoskin & Harcourt LLP
• Bill Johnston, Senior Vice President & Chief Product Officer, Equifax Canada
• Matt MacNeil, Director, Standards & Technology, CIO Strategy Council
• Michelle Beyo, Chief Executive Officer, Finavator and Open Banking Initiative Canada Board Member
• Mayank Mishra, MD, Global Head of Digital Channels, Citi
• Hanna Zaidi, Director, Regulatory R&D, Wealthsimple
• Elena Litani, Senior Product & Technology Executive
• Julien Cousineau, Chief Technology Officer, Flinks
• Don Cardinal, Managing Director, Financial Data Exchange

While some say Open Banking in Canada has had a very slow start compared to other regions, it has recently had a big shot in the arm following the release of the Final Report by the Canadian Government’s Advisory Committee on Open Banking, which recommended the Open Banking framework be defined and implemented by January 2023.

The Open Banking initiative will enable consumers to give their consent to the secure sharing of data with service providers such as banks, credit unions, wealth management firms, and fintechs.

The fund is the first by a major private equity firm to be tokenised, in a move that helps individuals achieve better portfolio diversification

Digital securities exchange ADDX has tokenised an allocation from a private equity fund managed by Partners Group, a leading global private markets investment firm. The allocation from the Partners Group Global Value SICAV[1] Fund is the first from a major private equity firm that has been tokenised, with the aim of allowing individuals to participate in a space traditionally dominated by institutional investors.

Most private equity funds require an investment of US$100,000 or more to gain access. Due to the efficiencies of tokenisation, the new private equity fund line of products on the ADDX platform is available to international accredited investors[2] at a minimum ticket size of US$10,000.

Launched in 2007, the EUR-5.5-billion Partners Group Global Value SICAV Fund provides immediate exposure to a globally diversified private equity portfolio, without the J-curve effect that impacts newly-formed private equity funds. The fund has exposure to more than 500 underlying companies and assets and is broadly diversified across a variety of industries and vintage years. The fund’s assets are distributed globally, across North America (43%), Europe (40%), Asia Pacific (13%), and the rest of the world (4%)³. By financing stage, the largest share of the portfolio is in buyouts (79%), followed by special situations (16%) and venture capital (5%)³.

Tokenised fund units in this ADDX offering are part of the latest USD share class launched in January 2019, with a year-to-date performance of 12.7% p.a.[3]. Annualised performance since the inception of this share class is 16.7% p.a.³. The open-ended fund allows investors to subscribe for or redeem units on a monthly basis, subject to gating provisions[4], an unusual characteristic for a traditionally illiquidasset class. Investors who participated through digital tokens on ADDX can also trade them daily on the ADDX exchange.

Fenergo supports Bank ABC’s digital onboarding of corporate and financial institution clients as part of the Group’s wider Wholesale Banking digital transformation programme

Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, announces that Bank ABC, MENA’s leading international bank, has gone live with its digital client onboarding service leveraging Fenergo’s cloud-native CLM solution. Fenergo’s CLM solution has enabled the bank to digitalise and accelerate onboarding for corporate and financial institution clients, bolster operational efficiency, and enhance overall client experience.  

Founded in 1980, Bank ABC is headquartered in Manama, Kingdom of Bahrain with a presence spanning 15 countries across five continents, including the Middle East, North Africa, Europe, the Americas and Asia. The Bank collaborated with Fenergo as part of a wider Wholesale Banking digitisation initiative aimed at radically transforming client experience and achieving competitive advantage through simplified, seamless banking solutions. Fenergo provides Bank ABC with a 360-degree view of corporate customers, increasing collaboration and transparency whilst easing back-end employee workflow.

Connecting internal stakeholders and clients with third party data and name screening providers on a single platform, Fenergo’s API-first SaaS platform intelligently orchestrates end-to-end client journeys, enabling the bank to onboard new clients faster and hassle-free. Fenergo’s coverage of KYC, AML, and regulatory rules in over 100 jurisdictions ensures the Bank is future proofed against new and evolving regulations in its 15 markets of presence. Furthermore, the hosting nature of Fenergo’s SaaS platform enables Bank ABC to benefit from reduced total cost of ownership, availability, and operational agility.

Mr. Sael Al Waary, Bank ABC Deputy Group Chief Executive Officer, said: “Our mission is to enable the business and growth aspirations of clients across the globe through effortless, seamless and easily accessible banking services and solutions. Fenergo’s cloud-native CLM solution, which fast-tracks and automates the client onboarding process, helps fulfil our objective and align banking with evolving client expectations and preferences in this fast paced, increasingly touchless world.”

Marc Murphy, Chief Executive Officer, Fenergo, said:

“We are delighted to provide Bank ABC with a solution that delivers a single client view of its corporate customers, boosting efficiencies, delivering regulatory certainty, and enhancing the experience for both employees and clients. Bank ABC is a great example of a financial institution that is committed to innovating its offerings in order to deliver a digital customer journey with exceptional customer experience.”

“Bank ABC is ahead of the curve when it comes to digital transformation, both in MENA and globally,” said Cormac Sheedy, Head of MENA, Fenergo, adding, “the drive for transformation within the bank comes from the top and is a fantastic example of how the C-suite can really influence and drive change. We look forward to deploying our CLM solution for Bank ABC not just within the Kingdom of Bahrain but across branches globally.”

Bank ABC’s digital client onboarding service is now available through the Bank’s Head Office in Bahrain and DIFC branch and is scheduled to roll out across the Bank’s global units by Q1 2022.

Three-quarters of top dealmakers who took part in the survey anticipate tech M&A deal volumes will increase through mid-2022; drivers for the M&A pipeline include scaling up by tech companies to increase competitiveness, adapting to technological advances, and meeting lasting pandemic-induced preferences for convenience and safety.

Morrison & Foerster, a leading global law firm, today announced the results of its annual Tech M&A Market Survey, which show that dealmakers foresee 2022 sustaining a high level of M&A deal volume on top of record-setting activity in 2021. The second quarter of 2021 was especially active, with $511 billion in aggregate deal value, far outstripping pre-pandemic highs. The new Morrison & Foerster survey report, Fast Forward: How Technology M&A Is Reshaping Industry, in conjunction with Mergermarket, also shows that the top drivers for tech M&A deals over the next 12 months will be scaling up for industry competitiveness, keeping pace with technological advances, and realigning strategies to address the lasting impact of the COVID-19 pandemic.

“This year’s appetite for transactions, higher tech valuations, and increasing acceptance of additional M&A financing structures translate into dealmaker optimism for tech M&A next year,” said Brandon Parris, Morrison & Foerster’s global M&A co-chair. “Companies continue to invest in their operations in order to compete in a constantly changing marketplace. The drive to grow and scale through new technologies will continue to fuel the tech M&A pipeline well into 2022, as companies seek market-leading positions in their industries.”

Survey Highlights

• 78% and 54% of respondents, respectively, expect aggregate tech M&A deal volumes and average values to increase through the first half of 2022.

• 42% of respondents abandoned or postponed a tech M&A deal between May 2020 and May 2021 due to the COVID-19 pandemic.

• The key driver of respondents’ tech M&A strategy through May 2022 will be scaling up to increase competitiveness, with 22% of survey respondents identifying this as the most important factor for their organization.

• Cloud technology is cited as the best near-term sector for dealmaking opportunities, as identified by a wide margin of respondents (19%).

• 25% of respondents believe the greatest challenge facing tech M&A through the first half of 2022 will be a stricter regulatory and foreign direct investment (FDI) environment.

The survey also shows that tech M&A values are expected to continue to rise over the next 12 months as a result of record investments made by venture capital, private equity, and other investors in 2021. Nearly three-quarters of North American respondents (73%), for example, predict average tech deal values will increase, including nearly half (47%) who expect a significant upsurge. Respondents in Asia and Europe also predominantly anticipate increased valuations, at 63% and 57% respectively. Latin America dealmakers were more cautious, with only half of respondents based in the region reporting that average deal values are expected to increase.

Private Equity Tech Investments Loom Large

Over the last 12 months, private equity (PE)’s growing investment in tech has contributed to an increase in private company valuations. The survey also shows continued enthusiasm for the technology sector by PE respondents. While 45% of corporates are anticipating doing two or three deals and 9% expect to complete at least four tech M&A deals, PE respondents are more bullish on future tech investments, with nearly half (49%) expecting to do two or three tech deals and almost a third (30%) seeking to do four or more in the next year.

High-Growth Private Companies in Demand

Across all respondents, high-growth tech companies operating for two to five years were the top M&A target. Nearly two-thirds of respondents (60%) say they most frequently look to acquire tech companies with this profile, while 26% preferred mature companies over five years old. Companies at this funding stage are looking to scale and grow, and the operational expertise of a venture capital (VC) or PE firm is especially beneficial at this juncture.

The market for high-growth tech companies is competitive as it is the preferred target for PE firms entering the traditional VC market. Nearly three-quarters (74%) of PE respondents preferred high-growth companies compared to 46% of corporate respondents. PE firms and corporates with shorter investment time horizons and more conservative risk-return strategies prefer tech companies with more road-tested business models, while VC firms have more experience and risk tolerance for startup investments.

Respondents Eye B2B Tech for M&A Targets

When asked about the types of technology that offer the best opportunities for dealmaking over the next 12 months, respondents selected B2B technologies that supported new pandemic-driven preferences for convenience and safety. As a foundational technology that underpins the internet infrastructure and new lifestyles based on remote work, e-commerce, and at-home entertainment, cloud technology received the most responses, from 19% of dealmakers; this illustrates the clear impact of the pandemic on dealmaking. The next two leading subsectors, customer relationship management (16%) and business intelligence and data analytics (14%), underscore how firms are prioritizing large datasets to drive future tech M&A valuations.

SPACs, JVs, Club Deals Encourage M&A Dealflow

Tech M&A deal volume reached record highs through the first half of 2021, assisted by a myriad of M&A deal structures from special purpose acquisition companies (SPACs) to joint ventures (JVs), to private investments in public equity (PIPEs), to club deals. Just under half (49%) of all respondents are considering a SPAC for a tech M&A deal over the next 12 months, but private equity firms are enthusiastic adopters, with 57% of PE respondents looking to close a SPAC transaction. The deal structures most likely to be utilized for upcoming tech M&A deals include JVs (25%), club deals (21%), and PIPEs (16%).

Methodology

In Q2 2021, Mergermarket surveyed 300 dealmakers from around the world to gain insights into the future of technology-related M&A. Respondents were equally distributed among corporates with a minimum of $250 million in annual revenue and PE firms with a minimum of $500 million in assets under management. In respect of geography, 30% of respondents were based in North America, 30% in Europe, 30% in Asia-Pacific, and 10% in Latin America. All survey responses are anonymous, and results are presented in aggregate.

Neptune Networks Ltd. (Neptune), the fixed income pre-trade market utility, announces the appointment of John “Coach” Robinson as permanent Chief Executive Officer (CEO).  Robinson commenced in the role on the 9th of September 2021. Robinson has worked with Neptune as a senior consultant since November 2020.

Neptune has been under the leadership of Interim CEO, Byron Cooper-Fogarty since January 2020. Cooper-Fogarty is remaining with Neptune and will form part of the Management Team as COO. 

Robinson has over 34 years’ experience with Morgan Stanley, including senior roles as US Head of Credit Sales, Head of EMEA Credit Sales and Head of Emerging Markets Sales, having held trading positions with the bank earlier in his career.

Commenting on his appointment, John Robinson said, “I’m thrilled to lead the Neptune team and build on the existing strong foundation through collaboration with my extensive global network. I will work to accelerate the firm’s effort in becoming a key element in the trading ecosystem for Fixed Income. We’ll achieve this by continuing to be the provider of the highest quality pre-trade data, accessible through multiple points of connectivity.” 

Jim Switzer, Head of Fixed Income Trading at AllianceBernstein, said, “We have been and remain strong supporters of Neptune and the value the utility model brings to Fixed Income markets. Hiring a person of John’s experience and track record will bring real dynamism to the firm.”

Dwayne Middleton, Global Head of Fixed Income Trading at T. Rowe Price, commented on Robinson joining Neptune, “The fragmentation in fixed income markets requires innovative approaches by market participants to solve the pre-trade analytics liquidity puzzle. Neptune has been at the forefront of organising and aggregating large data sets to improve the speed and efficiency for the buy side fixed income investor. Adding a high calibre talent such as John, who has a unique understanding of both buyside and sellside workflows, will enhance the collaborative partnership Neptune has with their clients.”