Specialist RegTech provider Shield is proud to announce its platform has won the ‘Best Complete Communications Compliance Platform 2021’ category in the Wealth & Finance International FinTech Awards.

Upon announcing Shield as the winner, a statement from an award spokesperson said, “This is a well-deserved achievement and I’d like to pass on my warmest congratulations! After a tough year, it is a testament to your perseverance and dedication to have triumphed despite the many difficulties and pressures brought on by the pandemic, and we at Wealth & Finance are delighted to have been able to recognise your unique contribution to the FinTech industry.”

The award recognises that Shield has set a new level of expectation by creating the world’s only truly end -to-end communications compliance platform. The award entry also highlighted that Shield’s fully automated next-generation platform meets all the demands of the compliance officer, helping to ensure the integrity of the business and trust of customers and regulators in a rapidly evolving post-Covid world, whilst also turning compliance into a competitive advantage.

The judges were impressed by the Shield platform’s automation and orchestration of the complete communications compliance lifecycle - delivering all elements of capture, correlation, data enrichment, analytics, proactive and preventive detection. Shield's solution empowers numerous functions within regulated organizations, from departments such as surveillance and monitoring, risk, and governance, forensic and control, all the way through to conduct and management.

Reflecting upon the win, a spokesperson at Shield added, “We are proud to have been recognised in this year’s award. Our team completely understands the daily struggles of the compliance team, from top to bottom, and we have created the most cost-effective, super-smart, and shockingly efficient solution. We believe the Shield platform truly stands out as the best complete communications compliance platform choice on the market and this award is a clear endorsement of this.”

Shield and its platform have won numerous awards, recently including 'Most innovative unstructured data management project’ in the A-Team Innovation Awards 2021. The company has also been named on The Financial Technologist ‘Most Influential Financial Technology Companies 2021’ list, the third time in a row that it has been recognised.

For more details on the Shield platform or to schedule a demo to see it in action, please contact Shield via email: info@shieldfc.com or visit www.shieldfc.com.

Banca Transilvania, the largest bank in Romania, has selected HPD Lendscape, a leading international secured-lending platform vendor, as their technology partner to expand their product offering, streamline lending processes, and further digital and mobile services.

Since 2014, factoring volume has nearly doubled in Romania. According to FCI statistics, it is one of the very few countries to record growth in total factoring volume during the COVID-19 pandemic crisis (3.5% in 2020). Banca Transilvania has grown dynamically in the last few years and is one of Romania’s leading banks offering factoring services.

Designed as a secure, flexible solution with automation and efficiency in mind, the Lendscape platform will allow Banca Transilvania to support growing factoring volumes and build streamlined digital experiences while minimizing risk and diversifying its portfolio of products to meet customer needs.

“We thank Banca Transilvania for placing their trust in our company and our Lendscape platform,” said HPD Lendscape CEO Kevin Day. “We are confident that we will have a successful implementation project to enable the bank to quickly realise the benefits of our leading technology, to grow its portfolio and increase the funding it delivers to Romanian businesses.”

Fully browser-based with power-user functionality and new UX, version 10 of Lendscape offers Banca Transilvania flexibility, sophistication and simplicity while supporting their customers with more personalised digital products and paperless services, faster funding decisions and a unique, real-time, customer online and mobile user-friendly experience.

HPD Lendscape’s Regional Commercial Director, Claudia Perri has been working closely with Banca Transilvania and commented, “The team at Banca Transilvania have been a delight to work with. They have an excellent vision and some exciting ideas to develop the market based on Lendscape. I am really excited to see how the business evolves over the coming months and years.”

With this new collaboration, HPD Lendscape extends the local footprint, by supporting the three market-leading banks with more than half of the market’s factoring volumes running on the Lendscape platform.

• iwoca data shows how embedded finance leads to speedier and more successful loan applications for small businesses

• Half of applications through embedded finance partners receive a decision within two minutes, and are 58% more likely to be successful than direct applications

• Nearly 30% of all loan applications to iwoca now come through embedded finance partners

• As big banks reduce their risk appetite, embedded finance will make it easier for small and micro businesses to access finance, helping to speed up the economic recovery

• iwoca has over 20 embedded finance partners including accounting software platforms and neo-banks, with more set to be announced before the end of the year

New data from iwoca - one of Europe’s largest small business lenders - reveals how embedded finance will play a vital role for small businesses as they look to recover from the pandemic.

Fast and successful loan applications

Exclusive insights bring to life the benefits of embedded finance, highlighting how iwoca’s small business customers receive faster lending decisions and are more likely to be successful in getting the finance they need.

In Q1 2021, iwoca data shows that 50% of customers who applied through an embedded finance partner received a lending decision in less than two minutes, compared with 12% of direct applications. In addition, small business applications via embedded finance partnerships are 58% more likely to be approved than those that applied to iwoca directly.

Embedded finance technology improves process for lenders and small businesses

iwoca is an industry leader in using embedded finance to support small businesses, with nearly 30% of all loan applications to iwoca now coming through embedded finance partners. Businesses can access loans from iwoca through a range of platforms such as accounting software and digital neo-banks including Xero, Tide and Funding Options. This makes the process of applying for finance far simpler for SMEs as loan offers are readily available in the services they use day-to-day.

In addition, these platforms hold much of a company’s financial information - such as cash flow and trading performance data- that a lender would need to review a loan application. This allows iwoca to make faster decisions and to tailor products to a customer’s individual needs, which translates to greater chances of getting approved for finance. 

Access to finance will be key in helping SMEs get back on track following the impact of the COVID-19 crisis. However, with the closure of the Bounce Back Loan Scheme many high street banks are likely to reduce their lending to small and micro businesses as their risk appetite narrows. Alternative lenders can fill this gap, with embedded finance integrations providing small businesses with simple access to the finance they need. 

Colin Goldstein, Commercial Growth Director at iwoca said: “The technology behind embedded finance has huge potential for SMEs, and the possibilities to embed finance are vast. Small businesses are already benefiting from embedded finance through faster and more successful loan applications.

“iwoca has led the way in developing embedded finance products, and well over a quarter of businesses we are now serving come through our embedded finance partners. Accelerating this should be a central pillar to rebuilding our economy, and we look forward to working with more partners to help their small business customers get the finance they need.”

iwoca has been at the forefront of innovation in embedded finance in the UK, becoming the first alternative lender to offer lending through an API. The company launched its own OpenLending platform following the £10 million Capability and Innovation Fund award from the Banking Competition Remedies in 2019, which allows partners to integrate seamlessly with iwoca’s lending API. The company has created over 20 embedded finance partnerships, with more expected to be announced over the coming months.

• 4.9x bigger prize pool than last year at up to 7.5m USDT & NFT addition
• Largest WSOT donation to UNICEF at $400,000 in BTCThe summer games of crypto trading are back. The 2021 edition of cryptocurrency exchange Bybit's World Series of Trading (WSOT), set to open for registration on Aug. 18, promises to be the world's largest crypto trading tournament yet again.

The WSOT 2021 prize pool is up to an unprecedented 7.5 million USDT, plus a bonus track of WSOT NFT collectibles and additional USDT, Bybit announced today.

"WSOT is returning bigger and better as promised," said Ben Zhou, co-founder and CEO of Bybit. "We want to celebrate excellence and the spirit of competition, as well as shine a light on the positive influences of crypto on our daily lives — improving financial literacy, getting people interested in tech, and putting on top of mind ways we can be a force for change and give back to the wider society."

The flagship trading event by Bybit, one of the world's most popular crypto exchanges, attracted over 12,000 participants last year. The winning teams and individuals out of 135 troops and 2,128 solo contestants took home $1.27 million in prizes in 2020.

Eyes on the Prize

With a prize pool of up to 6,000,000 USDT for teams and up to 1,500,000 USDT in the individual competition, WSOT 2021 is slated to be the event of the year for crypto traders around the world.

"Bybit remains in awe by the overwhelming support from the global crypto community. In response, we worked hard in the past 12 months to take the competition experience to the next level with the largest prize pool to date," said Zhou.

WSOT 2020 was trader junki84's first ever crypto trading competition. The participant tested out his trading strategy and finished with a legendary 5,242.02% in Individual P&L(%). Equally impressive was trader SalsaTekila, who came in second with a 3,956.56% Individual P&L(%). With greater rewards and more participants, the competition is expected to be even more intense this year.

"We are grateful for the opportunity to provide a platform for the world's best traders to live up to their ambition. Their achievements were something to behold. And their craft and passion epitomizes everything crypto is about: creating a fair, transparent and open environment for individuals to be the best they can be," remarked Zhou.

WSOT 2021 is open to global traders where Bybit services are available. Participants can form a troop or play solo to access early bird perks, trading fee discounts or waivers and a chance at more than 1,000 NFTs and 40,000 USDT bonus in lucky draws.

Supporting a Better Future

In 2020, Bybit donated from the WSOT prize pool 10 BTC at market value of over $100,000 at the time, to UNICEF's pandemic relief efforts^[1]. One year on, COVID-19 continues to be a universal crisis, particularly disrupting children's access to education and threatening their long-term well-being.

Bybit has quadrupled its donation to $400,000 in BTC this year to support UNICEF in their efforts to provide STEM education for girls in Vietnam and deliver quality education in East Asia and the Pacific.

"The world is learning to cope with the ongoing pandemic, but vulnerable groups who feel the deepest impact are often overlooked. Over the years Bybit has borne witness to the talent and potential of members of the global crypto community, regardless of age, gender and background," said Igneus Terrenus, head of communications at Bybit. "There really is no better investment than in the welfare of children and their right to education. We hope our donation to UNICEF will help change life for the better for those who will grow up to shape the future."

Aims to democratize digital payments and reduce cash transactions at the last mile by offering an all-inclusive payment acceptance infrastructure at retail touch points

•  Transform everyday smartphones into merchant terminals (SoftPoS) at no additional cost

•  Enable 2-in-1 Micro ATM devices, that double up as payment acceptance (mPOS) and cash withdrawal at very affordable pricing

•  Offer merchants, an all-inclusive digital payment hub that ensures easy acceptance across different form factors and simplifies both merchant and customer experience

•  With QR code payment, Aadhaar Pay, UPI, Online Payment Gateway and now Card Payments through mPOS and contactless payment through cards/tokenized mobile on SoftPoS, PayNearby becomes India’s leading company to consolidate form-factor agnostic digital payments in retail

•  Aims to proliferate digital payment acceptance among the largely underserved 30 million plus Indian MSMEs

•  In the wake of COVID, enable customers to make safe, contactless payments at the last mile

•  The low cost, simplicity and choice of the different form factors will drive easy acceptance among tech shy Indians, thus accelerating digital adoption in the country

In a bid to create a digitally one nation, PayNearby, India’s leading branchless banking and digital payments network, has partnered with Visa and RBL Bank to launch SoftPoS and mPOS for its 15,00,000+ retail network. With the addition of these options, PayNearby becomes the first company to launch an all-inclusive digital package for retailers that is form factor agnostic and provides a wide choice to end consumers. PayNearby’s upgraded digital payment package now supports QR code payment, UPI payment, Aadhaar Pay, SMS payment, Card payment (debit/credit/contactless) and payment through mobile tokenization.

While SoftPoS allows merchants to accept contactless payments of up to INR 5000 through a simple tap and pay mechanism on NFC-enabled smartphones, PayNearby’s 2-in-1 Micro ATM + MPOS machine allows easy acceptance of debit/credit cards at the last mile. Customers can use any physical card (debit/credit/contactless) or mobile with tokenization and pay easily by using the above options. Aiding PayNearby in this initiative is processing partner, PayNext and SoftPoS solution partner, Uvik.

A majority of India’s population is still tech-shy, dependent on cash and lying outside the folds of financial inclusion. One of the reasons for digital payments taking a back seat in the country is that smaller merchants do not have the money to invest in infrastructure. According to a cross country dataset released by RBI recently, the density of population dependent on a POS terminal is 358 in India, as against about 20 in neighbouring China, 10 in Brazil, Turkey, Netherlands and Italy. The dataset comparing 22 countries, showcases India to have the lowest POS density per person*.

However, the pandemic has amplified the need for contactless payments to reduce the risk of transmission. This has given a major boost to digital payment adoption in the country and is also helping in promoting new form factors and experiences in this sector. To make digital payments pervasive in the country, it has to be as seamless as accepting cash both on the merchant and the consumer side.

With the SoftPoS and mPOS offering, PayNearby aims to address the national challenge of inadequate payments infrastructure and eliminate barriers to seamless digital adoption. On the acceptance side, merchants do not have to spend a lot of money to lay down the foundation of digital acceptance and expand their customer base and sales. With SoftPoS, the ubiquitous smartphone can be converted into a digital acceptance device. The 2-in-1 micro ATM + mPOS machine drives value at very affordable pricing and allows easy acceptance of debit and credit card payments. With these innovations, local stores even in the remotest areas will now be able to process digital payments on their smartphones and Micro ATM devices. On the consumer side, the solution is as easy, secure and quick as exchanging cash.

Commenting on the occasion, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said, “As India moves towards rapid digital growth, PayNearby is committed to simplifying high-end technology for the bottom of the pyramid so that benefits of digital payments and digital banking can reach the masses. Through our SoftPoS and mPOS solutions, in partnership with Visa and RBL Bank, we wish to build an ecosystem by adding to the number of acceptance points for easy and fast digital payments. In the wake of COVID, this is vital for both our retail partners and their consumers.

Along with our existing solutions, introduction of SoftPoS and mPOS to our product portfolio enables us to offer a complete digital payment solution to Bharat. We are confident that the addition of SoftPoS to the JAM (Jan-Aadhaar- Mobile) trinity graduates Bharat to JAMS (Jan-Aadhaar-Mobile-SoftPoS), which will pave the way for a digital economy, and provide stimulus to communities at the grass root level. This will make ‘Digital India’ a closer reality, even at the remotest locations in Bharat.

We are extremely honored to partner with RBL Bank and Visa in these initiatives. Our partners bring with them demonstrated expertise in banking and digital payment products and lend credence and proficiency to the offering. We also thank PayNext and Uvik for joining us in this journey. At PayNearby, we will continue to innovate every single day to democratize digital solutions and make the dream of an equal Digital India come true.”

Rajeev Ahuja, Executive Director RBL Bank said, “Payment platforms have been disrupted the most owing to the ever-evolving preferences in the financial ecosystem. We are delighted to partner with PayNearby to build and offer an innovative and secure payment solutions for the Indian MSMEs, the backbone of our economy. With this association, we look forward to empower the customers and retailers with a simple and seamless digital platform. It enables us to onboard merchants from various geographies and deepen the penetration of digital infrastructure in the country.”

Shailesh Paul, Head of Merchant Sales & Acquiring, India and South Asia, Visa said “As the country opens up slowly, it is critical to focus on the recovery of small merchants, the backbone of our economy. This sizeable segment has lagged in accepting digital payments due to notions of cost and infrastructure.

We’re delighted to partner with PayNearby to bring solutions like SoftPoS to merchants, and enable low cost, safe and simple Tap to Phone payments across the country at scale. Visa has committed to empowering and digitizing small businesses worldwide and in India, and partnering with fintechs like PayNearby is a definite step towards achieving that objective.”

Azentio Software (“Azentio”), a Singapore-headquartered software products business owned by funds advised by Apax, is pleased to announce the signing of a binding agreement to acquire certain software assets from Path Solutions (including the flagship products iMAL™, iSHRAQ™, Path Digital and Path Analytics), a leading provider of core banking software. The transaction is contingent on obtaining relevant regulatory approvals and is subject to customary closing conditions. This acquisition will strengthen Azentio’s banking portfolio by adding complementary core banking software capabilities and a full spectrum of next-generation solutions focused on Islamic banks and financial institutions.

Founded in 1992, Path Solutions offers a comprehensive range of core banking, retail banking, transaction banking, lending, treasury, digital banking, and analytics solutions to banks and financial institutions through its flagship products iMAL™, iSHRAQ™, Path Digital, and Path Analytics. These software products help Islamic banks with digital transformation, deliver frictionless customer experience and drive long-term sustainable growth. Path Solutions has an extensive footprint of over 100 Islamic banks and financial institutions in over 40 countries across the world.

Path Solutions’ team of domain and technical specialists will further augment Azentio’s capabilities as it aims to become the leading BFSI software company across the Asia Pacific (APAC), the Middle East, and Africa (MEA). Path Solutions will be supported by Azentio with increased investments in R&D and sales and customer service to deliver enhanced value to its customers. Together with Azentio’s banking portfolio, comprising of lending, treasury, trade finance, and anti-money laundering solutions, this acquisition will provide an end-to-end integrated solution to banks in the region.

Tony Kinnear, CEO, Azentio, commented: The acquisition has great significance for us, as it adds scale and depth to Azentio’s Islamic and core banking offerings and further reinforces our vision and resolve to be a regional leader in the BFSI software space across APAC, MEA and emerging markets. iMAL™’s industry-leading digital Islamic core banking platform has been recognized by industry analysts for its broad and deep Islamic functionality, flexibility, and operational performance. I am extremely happy to welcome Mohammed Kateeb and the Path Solutions team, clients and partners to Azentio. We complement each other well, with both organizations focused on making a real difference to our clients.

Mohammed Kateeb, Group Chairman and CEO, Path Solutions, said: "Path Solutions has been a leader in the segment providing feature-rich core banking software specialized for Islamic banks and financial institutions. Today, the Islamic financial industry needs to urgently transform to meet its new digital objectives. Joining with Azentio now puts wind beneath our wings to accelerate our journey and deliver at a greater scale and speed to meet industry demands. This will also provide our people and partners the opportunity for growth and to our clients the surety of technologically rich, innovative, high-impact products that will help them grow and provide best-in-class service to their end customers."

The National Bank of Bahrain Digital Challenge in strategic partnership with Bahrain FinTech Bay  will contribute in upskilling Bahraini youth digital capabilities and enable them to explore various emerging tech trends. 

The National Bank of Bahrain launches the Digital Banking Challenge in strategic partnership with Bahrain FinTech Bay; one of MENA’s largest FinTech Hubs open for all Bahraini youth to develop new and creative solutions focused on NBB's new digital banking app.  

In line with Bahrain’s Vision 2030 objectives, the NBB Digital Challenge will contribute in upskilling Bahraini youth digital capabilities and enable them to explore various emerging tech trends.  

The challenge will consist of an intensive bootcamp and selection process, followed by a 6-week Digital Incubation period. During the bootcamp, applicants will get the opportunity to understand NBB’s digital outlook through several technical and strategic sessions with their business teams.  

This is in line with NBB’s three-year sustainability roadmap to educate, implement and move towards a more sustainable future. Programs such as these fall under several of NBB’s sustainability pillars which are community investment; to effectively enhance their community investments through leveraging their full resources and capabilities, economic growth; contribute to the society and Bahrain's Economic Vision 2030, and responsible banking; to raise financial literacy and accessibility.  

The incubation period comprises three tracks; the Startup Track, NBB Track, and Mentorship Track, where students will be able to develop their ideas further into early-stage startups. During the incubation period, students will have key one-on-one sessions delivered by NBB’s team from several departments including Strategy and Digital Banking, Digital Transformation, IT Team, Product Development, Marketing, Business Development, Sales & Customer Service, and Customer Relations. 

Students will also be part of a peer-to-peer learning environment at Bahrain FinTech Bay with weekly mentorship sessions led by the FinTech Bay team to support students at different stages of development, gain hand-on experience in building a startup and coming up with a viable solution.  

The program will conclude with a demo day event that will award the top 3 best ideas with prize money, Incubation at Bahrain FinTech Bay, and more. 

To learn more, please visit: www.bahrainfintechbay.com/nbb