Powered by leading UK credit provider NewDay, Newpay is the latest product to join Deko’s multi-lender and multi-product platform

 Newpay seamlessly integrates into the merchant checkout experience, offering access to a range of finance options.

Leading retail finance platform Deko has today announced the expansion of its lender panel with the addition of Newpay, a new-to-market digital credit account. This innovative product is designed to help consumers responsibly spread the cost of larger purchases with an easy, simple and flexible way to pay. 

Shoppers can check their eligibility for Newpay before they apply without impacting their credit rating. Once approved, merchants can offer a range of repayment options at checkout, including monthly instalment plans, flexible credit and interest-free finance. Newpay is specifically designed for larger baskets, and has the ability to manage multiple purchases. Once approved, customers are not required to  reapply in order to make further purchases.  

Newpay is accessed exclusively through the Deko platform, which is integrated across a growing retailer network. The addition of Newpay is the latest expansion of the Deko multi-lender ecosystem, which features interest-free deferred payment options or an instalment credit product – all integrated into a merchant’s checkout. New partner announcements are expected throughout 2021.

Deko is now the only retail finance platform that can cater to its clients with a range of different financing products. Not only does this offer more flexibility to merchants and their customers, but it also promotes financing opportunities across a broader range of basket sizes. Coupled with its multi-lender approach, Deko’s financial ecosystem provides the benefits of more frequent and quicker approvals. 

Deko has worked with thousands of merchants across the UK, and since its inception has processed over £3bn worth of credit applications. The introduction of Newpay is part of Deko's commitment to enhancing a merchant’s ability to grow its customer base and unlock customer loyalty.

Mike Dawson, CEO of Deko, commented: “It is perhaps one of the most critical times in recent memory for merchants in the UK. After the turbulence and uncertainty of the past 18 months customers are finding their feet again. Today it is all about speed and ease for customers. By adding Newpay to our lender panel, we are helping merchants deliver flexible finance options to their customers, all within a matter of seconds.

“Responsible retail finance is an increasing priority for merchants up and down the UK, and the addition of Newpay to our platform will support our merchant partners and their customers.”

Ian Corfield, Chief Commercial Officer of NewDay, commented: “We are excited to launch our Newpay product through the Deko platform. We know that merchants are looking for seamless ways to make the shopping experience effortless while driving sustainable growth. Newpay is designed to help consumers responsibly spread the cost of bigger baskets at check-out, a need largely underserved in the existing retail finance space. Through Deko’s impressive technology, we can offer more responsible finance options to merchants, supporting businesses of all sizes navigate an ever-changing digital landscape.”               

Next-gen core banking platform Yobota has announced the appointment of Freddi Rose as its new Head of Marketing and Communications.

Freddi will coordinate and execute Yobota’s marketing strategies. She will play a key role in driving commercial growth, shaping the company’s narrative and voice, and supporting overall brand development.

Freddi joins from Lloyds Banking Group where she co-founded the innovative, in-house storytelling team and drove the editorial direction of inclusive, customer-centric design projects. Prior to this, Freddi led content marketing at technology firm Arm, where she was responsible for communicating complex, technical subjects to audiences of all levels.

With a decade’s marketing experience and extensive writing and marketing qualifications, Freddi is a self-confessed word-nerd who specialises in creating compelling content and communications.

This latest appointment marks a new phase of growth for Yobota, as the cloud native core banking platform continues to accelerate its sales and business development efforts. Founded in 2016, the company is building new capabilities and forging partnerships with clients to create some of the most innovative financial products available in the UK.

Ammar Akhtar, CEO of Yobota, said: “As we tap into exciting new markets and strengthen our reputation within the core banking space, it’s very exciting to have Freddi join our team to lead Yobota’s marketing efforts. The wealth of integrated marketing experience she brings will help us to effectively convey the critical business issues that we solve, as well as communicating our success stories and the value we deliver.

“Having worked with one of the world’s leading banks, Freddi’s impressive track record for driving compelling marketing and comms strategies within our industry is a major advantage. She will be a real asset to us as we work with players across the banking and financial services space to bring incredible new products to life.”

Freddi added: ‘I’m delighted to be joining such an exciting company at a time when I can help deliver real value for the business and the customer, building the foundations of a dedicated, multi-faceted marketing function to showcase our offerings to a broader range of clients.

“Yobota’s core banking technology provides a real opportunity for established and emerging banks to build innovative, next-gen financial products with the customer at the heart of the process.”

According to a new report, social responsibility and ethical practices among top priorities for next generation of Islamic banking customers but a lack of digital services is holding the industry back 

More than half of young Islamic finance customers would adopt Islamic banking if it were more accessible, according to a report from cloud banking platform Mambu.

The ‘Faith and finance: The changing face of Islamic banking’ report, which surveyed 2,000 millennial and Gen Z consumers globally, illustrates the growing appeal of Islamic finance services around the world, as over half (53%) of young Muslims said they would choose Islamic banking - if barriers to entry were removed.

This reflects a wider demand for ethical banking services in the wake of COVID-19, as consumers seek to make more sustainable and socially conscious choices post-pandemic. 

According to Mambu’s research, 74% of young Muslims said they want banks to make investments that align with their religious beliefs, while 75% want them to make investments that ‘do good in the world’. More specifically, almost two thirds (62%) were opposed to their bank lending to tobacco companies, and 69% would rather their banks not lend to gambling institutions.

Elliott Limb, Chief Customer Officer at Mambu, said: “Younger consumers are demanding financial change, and the Islamic finance market is no exception. Our research illustrates how Islamic banking trends mirror the demand we’re seeing for ethical banking practices more broadly." 

“With 1.9 billion Muslims underserved globally, it’s clear that there’s a huge opportunity for both Islamic and conventional banks, alike, to provide compliant solutions for the modern consumer.”

The Islamic finance market is growing rapidly. Total assets in the sector have exceeded $2 trillion in recent years and are expected to reach $3.8 trillion by 2023. But a lack of digital services could be a major barrier to service uptake among the next generation of consumers. 

According to Mambu’s research, 76% of young Muslims said the availability of online banking options is a dealbreaker. Specifically, 70% said that it’s important they can make an investment without having to see someone in person, 74% said it’s important they can access their bank’s services via a mobile app, and 80% said it’s important they can access banking services anywhere, at any time. 

Miljan Stamenkovic, General Manager MENA at Mambu, said: “This is a generation that's technologically savvy and more globally mobile than the generations before them. They want banking services that align with their lifestyle and values, without compromising on flexibility or ease of use.”

The Islamic banking industry is only around 40 years old and has already proven to be tremendously successful - a showcase for the ethical banking opportunity. But with younger generations set to account for three quarters of all Islamic banking revenue by 2023, the industry must listen to the demands of these digital natives, both in the Middle East and beyond, if it wants to stay ahead of the curve.

Islamic banking is not only growing in the Middle East. There has been an explosion of Islamic fintechs globally over the last few years, with this market expected to be worth $125 billion by 2025. 

The United Kingdom currently leads with the most Islamic fintechs, a total of 27 companies, followed by Malaysia with 19 companies, and the United Arab Emirates (UAE) with at least 15 companies.

The Islamic finance industry is built on a promise that products and services comply with Shariah law. It was founded on a set of moral and ethical principles that promote the public good and the belief that ‘money shouldn’t make money’ – a financial system that is interest free.

• The EPA’s response supports focus on consumer protection but fears extra costs and another layer of administration for firms will exclude smaller players, creating an extra barrier to market entry while harming broader competition.
• The EPA urges the FCA to consider excluding all payment that are not retail consumer-facing

The Emerging Payments Association (EPA), which promotes collaboration and innovation across payments, has today published a paper containing the community’s responses to the Financial Conduct Authority (FCA) CP21/13 “A New Consumer Duty” Call for Evidence, highlighting how an additional Consumer Duty would be unlikely to enhance the customer centricity of those payments firms that are not providing sufficient value, while adding compliance and benchmarking costs to those that are already doing so.

In the paper, the EPA also questions whether Consumer Duty needs to apply to all firms in the payments industry, especially as most firms in the sector deal with other firms that also do not deal directly with retail consumers.

The consultation response details how the Price and Value outcome risks creating an overly rigid framework, which could stifle growth and innovation, and may be detrimental to the users of payment services and e-money. Firms will need to be able to adapt to changes in market conditions and to react to the (often rapidly evolving) needs of their customers. Price controls are not an appropriate regulatory tool in this context, and it is likely to be extremely difficult for firms or for the FCA to demonstrate compliance or non-compliance with the proposed ‘fair value’ test. More specifically, the paper fears the significant risks that imposing pricing controls could inadvertently undermine competition in the payment sector. The EPA community’s concern is that this proposal raises serious questions in relation to how the FCA would assess what is a ‘fair price’ and does not think that this is a determination that would be best or effectively made by a regulator. Although The EPA notes that the FCA does not intend to use the proposed rule itself to introduce market interventions such as price caps or other price interventions, it is very keen to ensure that the FCA does not use the proposals to establish pricing intervention powers or to nudge toward particular pricing models.

Further, the EPA believes the FCA should take care not to conflate the concepts of price and value. Consumers do not always see value in terms of monetary arrangements, and there is a danger of reducing the concept of value to a monetary notion which does not take into account the complexities of human judgment or the different components of value such as service, user-control or feature flexibility, with the FCA becoming the arbiter of good and bad pricing structures under the guise of ensuring value.

The community’s response also considers the implications of private right of action (PROA). This proposal creates significant risks of legal uncertainty and incentivising overly defensive practices, given the breadth of the principles and the challenges of demonstrating compliance/non-compliance. The paper makes clear that this could be problematic as it could undermine the status of Financial Ombudsman Service (FOS) (FOS was introduced as a redress mechanism for consumers, and therefore it is not clear why this additional right is required and in what circumstances customers would use it) and that establishing a private right of action could make a difference as to whether EPA members remain supportive of the Consumer Duty proposals on the whole, given the implications.

Overall, the EPA believes that the FCA's proposals are far reaching and will need to be thoroughly embedded by firms, and that the proposed timeline does not allow enough time for implementation. Systems and controls will need wholesale change, and policies and procedures will need to be tailored to the Consumer Duty requirements. Measuring outcomes will be complicated and difficult for both the FCA and for firms, and appropriate dialogue needs to take place to ensure that outcomes are being measured in an authentic and realistic way. The Financial Services Act 2021 requires that the FCA must, before 1 August 2022, make such general rules about the level of care that must be provided to consumers, but it does not require those rules to apply by that time, leaving open the possibility of a transitional regime.

Tony Craddock, Director General of the Emerging Payments Association, commented: “We’re really concerned that the FCA is trying to replace the marketplace. Its intentions are good – to get financial services firms to be customer centric and deliver the right products/services at a fair price. But by forcing firms to comply with a wide array of additional requirements to indicate that it is doing these things, the result could be less choice, higher prices, and less competition. Which is exactly the opposite of what the FCA is intending.”

Max Savoie, Partner at Sidley Austin LLP and EPA Project Regulator Team Member, added: “This consultation generated a lot of interest from the EPA’s Project Regulator team and a broad range of EPA members. While we welcome the FCA’s focus on ensuring positive outcomes for consumers, we are concerned that the proposals have not been appropriately tailored to payment service users and providers. We hope the FCA will take the EPA’s response into consideration and continue to engage with the payments and fintech sectors as it develops regulatory policy in this area.”

Appointment of Gosrani coincides with bfinance’s commitment to supporting Net Zero agenda for asset owner clients and setting emissions targets

Bfinance, the independent investment consultancy, today announces the appointment of Sarita Gosrani as ESG and Responsible Investment Director. Sarita will head up bfinance’s new ESG advisory unit based in its London office and brings more than a decade of experience in financial services, pensions and investments.

Gosrani was formerly Head of ESG Research at XPS Pensions Group where she helped lead the firm’s approach to responsible investing and supported clients with integrating environmental, social and governance considerations into their investment strategies. Alongside this, she was responsible for developing proprietary asset manager research and monitoring frameworks to assess ESG across a range of asset classes. Sarita holds a Bachelor of Arts Degree in Economics and Human Geography from the University of Toronto, Canada. She will report to Duncan Higgs, Managing Director and Head of Portfolio Solutions at bfinance.

In addition, the firm has committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner in line with the goals of the Paris Climate Agreement to limit the global temperature increase to 1.5°C above pre-industrial levels. This commitment includes:

• working with asset owner clients to support Net Zero goals and strategies;
• integrating support with Net Zero ‘as standard’ into existing consulting services such as manager research and selection;
• pledging to establish appropriate emissions reduction targets across direct operations.

Gosrani represents bfinance’s first senior recruit solely dedicated to ESG matters. “We believe in keeping responsible investment matters firmly at the heart of the Research and Client Consulting teams, as has been the approach to date” says David Vafai, Chief Executive Officer, who also sits on the firm’s ESG and Responsible Investment Committee. “The creation of a dedicated ESG resource is intended to support and enhance the ESG-related work of those teams, as well as enabling us to offer some additional advisory support to clients.”

David Vafai, Founder and CEO of bfinance, said: “I am glad to welcome Sarita to the team – this new hire represents a notable expansion of the firm’s ESG capabilities. At the same time, we are excited to formalise the extensive work that we have been doing in supporting many clients on reducing the greenhouse gas emissions associated with their portfolios. Many investors are now seeking to identify asset managers with a robust strategy and transparency around emissions, for instance, or enter low-carbon or carbon-offsetting sectors such as renewable energy infrastructure.”

Sarita Gosrani, ESG & Responsible Investment Specialist at bfinance, said: “I’m delighted to join bfinance and work with such a diverse global client base at a time when investors’ ESG and responsible investment requirements are developing rapidly. With more and more of the investment industry presenting claims around ESG-related capabilities and carbon emissions, there is a real need to help asset owners cut through the noise to establish and implement a clear strategy.”

Newswire) - In April 2019, during the Guatemalan election, the people of Guatemala suspected that voting fraud had occurred. Since additional elections were scheduled for August 2019, citizens wanted assurance that there would be no fraud in the next election. That was the impetus for Fiscal Digital, a Guatemalan citizen volunteer organization, to utilize a public immutable blockchain for their elections. Against overwhelming opposition, the Organizer of Fiscal Digital, Carlos Toriello Herrerias, was successful in implementing a blockchain-based voting solution in Guatemala. Carlos was the winner of last year's GBA Annual Achievement Award for Courage. The Government Blockchain Association (GBA) is pleased to announce that the 2021 Annual Achievement Awards will be happening live in Washington DC, (9/30/2021) as part of Government Blockchain Week.

Four awards will be presented in the areas of Leadership, Innovation, Social Impact and Courage. Nominations of individuals deploying exceptional blockchain use will come from around the globe. From securing land titling records, to self-sovereign medical records, to immutable and verifiable voting, blockchain is affecting every industry that transfers value. The winners of these awards are truly making a mark in history, and there is still time to nominate your colleague.

Winners will be awarded by MC Robert Levin of Emergingstar Capital, from a stage in Washington DC in front of a distinguished audience. Receiving a GBA Annual Achievement Award is a credential that can be listed on Linked In, resume, and any other social media as a recognized global achievement. Do not miss this opportunity to promote the exceptional achievers in your circle. Nominate them for the GBA Annual Achievement Awards today.

Financial services expert Richard Plaistowe and defence expert Andy Dunne join Boyden as clients leverage interim management for post-pandemic transformation

Boyden, a premier leadership and talent advisory firm with more than 75 offices in over 45 countries, sees international growth and digital change fuelling demand for interim managers across Europe and worldwide, as organisations seek fast-paced business transformation.

“Despite the impact of the pandemic, and perhaps contrary to expectations, clients are pressing forward with ambitious growth plans,” commented Lisa Farmer, Global Co-Leader, Interim Management and Managing Partner, Interim, UK. “We are seeing strong demand for interim managers to drive growth and accelerate digital change, and manage international investments where Covid restricts executive mobility. Boyden Interim is distinctive in offering sector specialisation and consistent, cross-border capabilities to clients worldwide. This enables us to meet client needs and deliver the right leadership in a matter of days”.

In this buoyant climate, Richard Plaistowe joins as Partner in Boyden’s global financial services and private equity & venture capital practices and Andy Dunne joins as Principal in Boyden’s global industrial practice, focusing on aerospace & defence. Both are interim specialists.

Richard Plaistowe has a 25-year track record of working with leaders to provide effective interim solutions to overcome short- and long-term challenges they face as their businesses undergo transitions. His entire career has been devoted to interim executive search and working with clients in the financial services sector, providing in-depth insights into human capital issues and solutions.

“I am delighted to join Boyden where there is such a client-focused, collegiate culture and international mindset,” commented Plaistowe. “It is very rewarding to see interim management making such a difference to businesses under pressure and to see a deeper understanding globally of what can be achieved through this specialist resource”.

Andy Dunne is an expert in defence, cyber and complex engineering markets. He joins Boyden after running his own specialist recruitment firm providing expertise on systems engineering, project & programme management and technical consulting, working with high tech engineering companies, management consultancies and defence SMEs.

“Boyden’s collaborative culture and enterprising approach were immediately appealing to me in extending my expertise into a bigger environment,” said Dunne. “The strength of the global industrial team and focus on defence provide a natural fit, together with global tech capabilities that create multi-disciplinary opportunities to provide a truly innovative service to clients”.

Southern California Credit Union brings sleek, fast digital banking services to the Westwood collegiate community leveraging Temenos’ API-first digital banking platform

Temenos, the banking software company, today announced that Wescom Credit Union has launched two credit cards for a local university in Westwood, CA powered by Temenos Infinity the leading digital banking platform.

Based in Pasadena, CA and managing more than $5 billion in assets, Wescom serves individuals across Southern California. As the official banking partner of a local university in Westwood, Wescom wanted to launch an all-new credit card program featuring two new cards – the Bruin Edge Visa^® Credit Card and the Bruin Choice Visa Credit Card – tailored specifically to the university’s alumni, current students, and staff. The project builds on the long-time relationship between Temenos and Wescom, which began using Temenos Infinity to support collections and lending in 2012.

Charles Thomas, Senior VP Chief Lending Officer, Wescom Credit Union commented: “Wescom’s lending and collections departments have been the primary users of Temenos Infinity’s technology for more than 10 years. We’re confident that we’ll have adequate support from Temenos as we launch these two new credit cards and future lending products.”

Wescom’s vision was to create an end-to-end digital experience from application through disbursement of funds. The team also wanted to make the application process smoother and easier. Wescom selected Temenos’ API-first technology for robust decisioning, and the ability to configure and streamline the member and employee digital journeys.

Wescom and Temenos developed an application journey with only seven screens, integrated ID verification, and the ability to receive an automated approval for a line of credit in just minutes. The project is part of Wescom’s broader initiative to create a consistent, fully integrated member-centric experience across all digital and physical channels. The enhanced experience also extends to employees, with streamlined processes that make processing an application faster and more intuitive. The credit cards launched with Temenos in July, soon to be followed by auto and personal loans.

Joseph Pellissery, CIO, Wescom Credit Union, commented: “Building better lives is at the core of who we are as a credit union. Our goal for this project is to help the greater Los Angeles university’s community lay the foundation for a long-term, positive financial future with Wescom. Wescom and Temenos partnered strategically to explore ‘the art of the possible’ and create a fully integrated digital ecosystem. Temenos’ commitment to API-first, agile technology, and continuous investment in R&D was a key factor in selecting Temenos Infinity for this project. We are thrilled to be able to make banking better for this local collegiate community, together with Temenos.”

Jacqueline White, President – Americas, Temenos, said: “Banking has not matched up to to the way people now live their lives. Loan or credit card applications haven’t allowed for the interruption of a phone call. Documentation has been manual instead of incorporating data from government identification. Strategies need to evolve from product-centric to person-centric – such as helping students with no credit history access credit so they can lay the foundation they will need later in life. We’re excited that our technology has empowered Wescom to share a new way of banking with the world that is simpler, faster, and most of all: human.”

LiquidX, the global fintech solutions provider for working capital, trade finance, and insurance, today announced that Coface Singapore Branch has joined its LiquidX 360 digital platform. The state-of-the-art tech platform offers enhanced operational efficiency and transparency for all participants in the trade credit insurance market, including carriers, brokers, and policyholders.

Coface Singapore is the first carrier in the region to join the platform since LiquidX was granted an insurance brokerage license from the  Monetary Authority of Singapore in June 2021. This move marks the first step for LiquidX in replicating its successful business model in the United States. The majority of trade credit insurance carriers in the U.S., representing 80% of market premium, are active on LiquidX 360 platform. Todd Lynady, Global Head of Insurance at LiquidX, added, “Trade Credit Insurance is in great demand and highly valued by companies in Asia Pacific. We are very happy to welcome Coface Singapore as the first insurance carrier to join the platform in the region.”

“There’s no doubt that digital technology presents new opportunities for our industry and we are delighted to join the LiquidX platform,” said Graham Crozier, Country Manager of Coface Singapore. “We are ‘for trade,’ meaning we’re committed to adapt to where our services are needed most in support of effective local, regional and global trade.”

The LiquidX 360 platform digitizes trade insurance policies to automatically cross-reference policy terms and conditions and authenticate the eligibility of endorsed buyers. It provides unparalleled insight and transparency into a policy, or portfolio of policies, while providing the tools to manage all components of insured transactions in one centralized platform, regardless of geography, product, or broker.

“Coface is an established leader in Trade Credit Insurance and one of the first carriers to invest in the digital transformation of our industry, so it’s no surprise they are at the forefront of innovation in this space,” said Alex Bursak, Regional Head of Insurance Asia Pacific at LiquidX. “We look forward to working with the Coface Singapore team to deliver best in class solutions for banks, corporates, and asset managers to mitigate their trade credit risk across this growth region.”