Phos, the fintech behind the leading software-only Point of Sale (SoftPoS), has teamed up with German fintech Wellet to enable merchants to accept contactless payments using their smartphone.

Wellet is transforming payments in Germany. Using phos’ innovative technology, Wellet customers can now turn any NFC-enabled Android device into a payments terminal. This eliminates the need for merchants to purchase expensive POS card machines. 

The app works off a smartphone's in-built NFC chip technology. Therefore, no additional equipment is required when using the application, removing the need to spend money on equipment repairs. As it is accessible on a smartphone, the Wellet app is always on hand when required.

Importantly, no monthly fee is collected for the use of the app, making it affordable for small and medium-sized businesses. 

Sergei Tokmakov, CEO of Wellet said: “We’re excited to have partnered with phos to bring a more efficient and cost-effective way of accepting payments to Germany. Due to the high costs associated with physical terminals, many small businesses have traditionally traded with cash. However, health and safety concerns associated with the COVID-19 pandemic made people more hesitant to handle cash. So this SoftPoS technology will be integral to transforming payments in the country, allowing for secure, safe, and easy payments.”

Brad Hyett, CEO of phos, added: “Consumers now demand easy and seamless payment options. As we move away from cash and shift to a digital-first economy, it’s important that we equip businesses with affordable, alternative payment solutions to the expensive physical PoS terminals. It’s great to be working with Wellet to bring this transformative app, powered by our SoftPoS technology, to German merchants. Our  technology is already being used by entrepreneurs in 15 different countries, with plans to expand to the U.S. this year. ”

The Wellet app is secure and safe for users, having been authenticated by German legislation. 

The Wellet app only works on android smartphones. It is available on the Google App store. With the smart app customers can make cashless payments with VISA, EC, Mastercard and other credit cards.

Further information on the Wellet app is available at https://wellet.de/.  

UK SMEs currently spend over £7 billion a year on gas, but if they switched suppliers they could collectively save up to £1.7bn. Love Energy Savings has a large panel of suppliers which includes British Gas, Scottish Power, Octopus Energy and Npower and has facilitated over 350,000 switches saving UK Businesses over £100m so far. 

Fime has been empaneled as an official certifier by India’s DigiSahamati Foundation (Sahamati) to support the organic and sustainable growth of the country’s open banking account aggregator ecosystem. Fime’s expertise and cloud-based open API testing tool, TrustAPI+ are enabling innovation and reducing time to market, while ensuring the highest standard of quality of services. The collaboration is working to enable India to learn from some of the open banking challenges seen in Europe.

Fime’s consultants and testing experts are supporting Sahamati’s Certification Working Group to standardize and augment customer onboarding, data governance and security for the account aggregator network. Account aggregators facilitate the sanctioned sharing of financial information in real-time between Financial Information Providers (FIPs) and Financial Information Users (FIUs). Fime is now working with all parties to test their APIs and integrations, and undergo certification in line with the Sahamati Certification Framework.

Mr. B.G. Mahesh, co-founder of Sahamati, comments: “Our goal is to help drive the adoption of the account aggregator specifications and facilitate the organic growth of the ecosystem. Sahamati is helping to facilitate the consented sharing of financial information to enable use cases such as lending and wealth management. This is helping to drive forward the Make In India initiative by enabling the digital transformation of India’s financial services.”

“Data currently exists in silos and can’t be used effectively by individuals or businesses. This initiative is bringing everyone together to enable data sharing, fostering innovation and bringing more valuable products and services for consumers and businesses,” adds Mr. Angaj Bhandari, India and South Asia Managing Director at Fime. “Certification is a key enabler, protecting the integrity of the space, the APIs it relies on and ensuring the right parties are involved.”

As with all products launched on the Fime Test Factory platform, TrustAPI+ is accessed through a secure cloud portal, allowing multiple users to collaborate on projects even when located across different regions. Contact Fime to learn more about how its experts can support your account aggregator API and integrations projects.

For more on Fime’s work with Sahamati, sign up to our upcoming webinar.

Newly launched clinical tech provider, Comentis, has today announced that it closed a pre-launch funding round at £200,000, against a pre-revenue valuation of £2million. Funding has been secured from a number of senior figures from legal and financial services, with the support of Invest West.

Comentis’ software – the Cognitive Assessment Engine (CAE) – utilises cutting-edge technology to deliver the clinical expertise of renowned mental health experts and psychologists to financial and legal firms during the client risk assessment process. The CAE is a first of its kind for the financial and legal services markets, combining digital and clinical insight to produce an accessible, easy-to-use platform for users to mitigate business risks and better protect clients. 

Comentis’ software is designed to integrate seamlessly with existing technology and processes, to supplement and strengthen the relationships with clients by removing the burden of subjectivity from risk assessments. The CAE is hosted in the cloud and assessments can be accessed via application programming interface (API) or Comentis’ own front-end WebApp. The evidence-based assessment process also provides users with a clear and consistent audit trail to assist them in their regulatory requirements.

The launch of Comentis follows mounting regulatory pressure in the financial and legal services sectors which requires professionals in these areas to better identify, support and protect vulnerable or reduced cognitive clients. This includes the Financial Conduct Authority’s (FCA) guidance on the fair treatment of vulnerable customers published in Q1 2021, in which it estimated as many as 24m UK adults are currently defined as vulnerable. This has since been echoed by the Solicitors Regulation Authority (SRA), confirming that it will consider client vulnerability when looking into reports of solicitor misconduct.

Jonathan Barrett, Co-Founder & CEO of Comentis, comments: “We’re living through challenging times – a combination of escalating regulatory pressures and a growing number of customers susceptible to vulnerability or reduced cognition means financial and legal professionals currently have their hands full. With the backing of our investors, Comentis’ clinical and digital-based solution will allow us to deliver solutions to our target markets at pace and scale, enabling firms to better identify and protect ‘at risk’ clients with cutting edge technology. The blending of the latest SaaS and cloud applications with clinical expertise is a first in the legal and financial markets, and something that we are confident will drive progress and improvement across the risk assessment process.”

Iain Robertson] at Invest West, comments:

“Our aim is always to bridge the gap between investors and worthy businesses that need support. Comentis has the power to make such a difference both to legal and financial professionals as well as to the customers themselves. This, combined with its first-to-market technology meant that Invest West was proud to support this fundraise, pulling in a number of investors from across the region.”

Claire Barker, investor in Comentis, adds:

“For me, the launch of Comentis was a breath of fresh air in time of increasing pressure on legal and financial professionals to ensure that they have robust processes in place to assess mental capacity and vulnerability. While the tech does not replace face-to-face interaction with customers, and nor should it, it does provide a good base understanding to help advisers to navigate tricky scenarios, and will provide evidence of enhanced due diligence should they need it. Better use of technology is vital to drive financial services forward and Comentis is at the heart of that, so I am excited to be part of the journey.”

 LPA Group, the capital market technology and innovation leader, today announced that Mark Reeves will join the firm as a senior advisor. 

Mark will be based in London and his focus will be to accelerate growth in LPA’s American and British software and consulting businesses, building on the firm’s strong client base in continental Europe. He will help develop new solutions for the complex capital markets environments, market infrastructure providers and the wider financial sector while building out a team inside LPA. 

Mark has more than 30 years in the financial industry, including senior roles at the National Westminster Bank, Deloitte, TCA Consulting, City Practitioners and Capco.

Commenting on his appointment, Mark Reeves said: “Consulting is very much about culture and style. It’s important that a consultant is matched to a company that is closely aligned to their values. I’ve found a really positive ethos at LPA, which is why I believe this will be a beneficial relationship. I look forward to working in this progressive culture focused on assisting clients and helping to improve performance. I believe LPA has much to offer the market and more importantly to its clients and stakeholders.”  

Peter Schurau, CEO at LPA commented: “Introducing new software systems into banks of any size is a complex role. There are a vast number of internal stakeholders, departments and executives who hold both approval and veto power over decisions. That’s where Mark will add value to LPA. His expertise in communicating across functions and clearly articulating the value of change throughout large organizations will open up new opportunities to fully demonstrate LPA’s value to financial institutions seeking to be more agile and client focused.” 

Fidelity International (Fidelity) today became the first asset manager to sign the Fintech Pledge, demonstrating its ongoing commitment to digital innovation.

The Fintech pledge, which is part of a wider fintech strategy across the UK and  is supported by HM Treasury and the Fintech Delivery Panel, sets world-leading standards to accelerate the growth of the UK’s fintech sector by promoting valuable partnerships between financial institutions and tech scaleups.

By becoming a signatory, Fidelity has committed to adhering to the pledge’s five principles, ensuring a productive relationships with prospective fintech partners:

Fintech Pledge Principles

1. Provide clear guidance to technology firms on how the onboarding process works through a dedicated online landing page
2. Provide clarity to tech start-up firms on their progress through the onboarding process
3. Provide a named contact, guidance and feedback
4. Encourage good practice and improvement
5. Commit to implementing this process six months from signing this pledge and providing bi-annual feedback in the first year

Fidelity has extensive experience investing in new and emerging technologies, through Fidelity International Strategic Ventures, a dedicated venture capital team set up to invest in fintech businesses and technologies.
Alokik Advani, Managing Partner, Fidelity International Strategic Ventures, said: “Engaging with start-ups is a vital component for our business and allows us to continue to drive forward our efforts to incorporate technological innovations for our clients.  We will continue to embrace new and exciting technologies and look forward to partnering with yet more start-ups in the future.  Fidelity International is delighted to be supporting the Fintech Pledge and are proud to be leading the way for the asset management industry.”

Fintech Partnerships underway

Examples of partnerships already underway include SteelEye, the compliance technology and data analytics firm. Fidelity is using SteelEye's data platform to comply with a range of obligations for both oversight and regulatory purposes.

In addition, Fidelity International has partnered with Moonfare, the leading digital investment platform for high quality private markets funds, to let its clients access private market funds. Under the agreement, through its digital platform Moonfare will provide access to private market strategies for Fidelity’s institutional and wholesale clients. This partnership addresses an increasing demand from investors aiming to achieve attractive returns by adding alternative investment strategies to their portfolios.

Thematic investing remains highly regarded among investors. Compared to pre-pandemic numbers, assets in thematic ETFs rose by USD 27 billion, accumulating to USD 133 billion according to CNBC¹. Major economic trends dominate global consumption, which traces back to sustainable usage of Earth’s resources, giving technology that keeps or amps up society’s living standard with a sustainable tilt a boost in demand. Both lithium and autonomous driving & electric vehicles technologies, two topics that emphasize efficiency and the avoidance of negative externalities, are now molded in two new ETFs, which Mirae Asset Global Investments reissues under its TIGER ETF brand in Korea. Both the Mirae Asset TIGER Synth-Global Lithium & Battery Tech Solactive ETF (394670 KS) and Mirae Asset TIGER Global Autonomous & Electric Vehicles Solactive ETF (394660 KS) started trading on July 20^th on Korea Exchange (KRX).

Lithium is one of the most crucial elements in the electrification of devices. Batteries based on lithium technology score with high capacity potential and low self-discharge, compared to legacy battery technology, making the alkali metal a very precious commodity. Mirae Asset’s new TIGER Global Lithium & Battery Tech ETF tracks the Solactive Global Lithium Index, which reflects the performance of the largest and most liquid listed companies active in exploration and/or mining of lithium or the production of Lithium batteries. The index is calculated as a total return index in USD and adjusted semi-annually.

Mirae Asset’s second ETF that launched simultaneously on July 20^th is the TIGER Global Autonomous & Electric Vehicles ETF. This ETF seeks to invest in companies involved in the development of autonomous vehicle technology, electric vehicles (“EVs”), and EV components and materials. According to the International Energy Agency’s “Global EV Outlook 2021”, EV registrations increased by more than 40% in 2020. Still, EVs accounted for less than 5% of new cars sold, highlighting substantial room for further adoption.²

“Imagine a world with lower emissions, optimized traffic, and reduced car crashes. By teaming up with Mirae Asset Global Investments, the Solactive Autonomous & Electric Vehicles Index underpins an ETF designed to capture the ongoing changes in the transportation industry,” comments Timo Pfeiffer, Chief Markets Officer at Solactive. He adds: “With advancements in autonomous & EV technologies and batteries comes a strong growth signal for producers, which benefit directly from this long-term trend. We are excited that Mirae Asset takes the opportunity to opt again for our indices, strengthening our partnership with them in their Korean home-market. We are looking forward to the next projects soon.”

Chun Yong Rhie, Chief Investment Officer at Mirae Asset Global Investments, comments: “Investment interest in lithium technology, autonomous vehicle technology, and electric vehicles among Korean investors continues to gain strong momentum in 2021. TIGER Global Lithium & Battery Tech ETF stands to benefit from the accelerated growth of the secondary battery industry on the back of global renewable energy policies. Furthermore, industry growth will be driven by EV manufacturers’ efforts to increase battery efficiency through R&D investment. The TIGER Global Autonomous & Electric Vehicles ETF offers exposure to companies involved in the autonomous vehicle technology, electrical vehicles, and EV components space.”

Rhie further adds that “the simultaneous launch of the two ETFs pairs well as the lithium & battery tech theme goes hand in hand with electric vehicles. The local listing of the two ETFs will allow investors to purchase the ETFs for their private pension and retirement pension accounts.”

“As the potential of technologies like AI, machine learning and quantum computing become fully realised and applied at scale, R&D funding is more important than ever to turn the UK’s new breed of innovators into game-changing market leaders.

“Funds focused specifically on R&D intensive companies aligned to the UK’s strategic sectors, including net zero companies, will help to tackle some of the biggest challenges facing society today. It will open up new job opportunities, drive economic growth, and cement UK Tech as world-leading.”

LedgerEdge, the next-generation ecosystem for trading, announces the appointment of Michelle Neal as CEO of US operations. 

This appointment will support the US expansion of the firm, which is rolling out a global corporate bond trading platform built on distributed ledger technology. LedgerEdge is starting with the launch of a UK multi-lateral trading facility in Q3 2021, followed by a launch of a US alternative trading system in Q1 2022.

LedgerEdge was founded in 2020 to address historic market structure issues by creating a new ecosystem in which participants maintain control of their data, see the market more clearly, and unlock liquidity in the $41 trillion global corporate bond market.

Neal was most recently Head of US Fixed Income Currencies and Commodities (FICC) and Global Head of Senior Relationship Management at RBC Capital Markets.

Prior to this, she was CEO, Markets at BNY Mellon and served on the bank’s Executive Committee. She has also held senior leadership positions in global markets trading, sales, financing and market structure-related businesses at Deutsche Bank, Nomura, and Natwest Markets.

Neal has been twice recognised as one of the 25 Most Powerful Women in Finance by American Banker and by Financial News’ Top 100 Women in European Finance.

“I am excited to be joining at such a pivotal moment in LedgerEdge’s development,” Michelle Neal said. “I have devoted my career to the evolution and efficiency of capital markets and look forward to working with my new colleagues to further enhance market participants’ ability to unlock liquidity by finding, sharing and trading corporate bonds.”

David Nicol, Co-Founder & CEO of LedgerEdge, said: “We are delighted to welcome Michelle to the team in a key role for LedgerEdge’s growth. She will lead our efforts to serve the world’s largest bond market and provide essential product and market input as we develop the next generation ecosystem for trading. Michelle’s proven capabilities in building businesses and products, her strong network, and her deep expertise in electronic trading will be invaluable to the firm.”

Goal Group, the global fintech leader in withholding tax reclamation and securities class action recovery services, today announces the launch of Treaty Rate Manager (TRM), an online withholding tax reference database providing cost-effective access to the latest treaty rate information across the globe.

TRM from Goal Group includes all statutes of limitations and a simple-to-use tool to quickly determine the applicable treaty rate for a client by selecting their market of investment, domicile, entity type and security type – with over five million reclaim permutations. Available immediately as a monthly subscription, it represents a valuable additional reference for fund managers, custodians, corporate actions systems vendors, research firms, the securities finance sector and other advisers involved in cross-border tax recovery and portfolio planning.   

Goal and its worldwide client base use this data to feed up-to-date treaty rates into withholding tax reclaims on three billion shares annually. This is the first time Goal has offered access to its knowledge base on a standalone basis, and forms part of the company’s new suite of innovative, web-based subscription services for the global investment community. 

Stephen Everard, Chief Executive Officer of Goal Group, comments: “We are excited to present our withholding tax reference data to the market as a very competitively priced monthly subscription service. Our own team relies on this data to deliver our market-leading outsourced reclaim service, and as such, its quality and scope is market-proven. Treaty data are continually updated by our in-house Research team, and clients of TRM will benefit from this. 

“Building and maintaining the knowledge base required to calculate accurate tax reclaims – especially at volume - is simply not viable for most institutions. It makes far more economic sense to leverage the knowledge and dedicated resources of a third-party specialist. We anticipate strong demand from various sectors of the investment community as they sharpen their focus on maximising tax relief for clients, fully meeting their fiduciary duty and turning tax recovery into a lucrative service opportunity.”

Goal’s worldwide client base includes five of the top ten global custodians, six of the top ten global fund managers and all four US depositary banks.