DriveWealth, LLC,  a U.S. based leader in global digital trading technology, announced today a new partnership with Wealthface LLC, an innovative UAE-based wealth management company and online investment platform. The agreement marks DriveWealth’s first initiative in the Middle East and North Africa (MENA) region, bringing the firm’s technology and brokerage execution services to one of the region’s first investment robo-advisors.

Employing DriveWealth’s proven technology, Wealthface will offer U.S. stock market access to a wide range of regional investors with varying investment amounts. Wealthface clients will also be provided access to fractional shares in familiar U.S. brands, an offering that DriveWealth has pioneered.

Wealthface Founder & CEO Bilal Majbour stated: “Our partnership with DriveWealth is a significant manifestation of our vision to make the U.S. equity market accessible to everyone everywhere. We want to enable all types of investors to access investment solutions previously unavailable to online investors using our cutting-edge technology at a low cost. In addition, we are committed to offering value-added services to millions of customers in the Middle East and North Africa region. DriveWealth is the ideal partner to help launch our offering to regional clients using the latest and most innovative technologies.”

DriveWealth CEO Robert Cortright said: “We are truly pleased to help Wealthface – an innovator in the MENA region – bring investors affordable, robust access to the U.S. markets. This partnership is a great opportunity to establish our first presence in this important region, and we’re delighted to continue on our geographic expansion.”

The partnership with Wealthface is the latest in a series of relationships DriveWealth has forged globally on six continents, including recent agreements to increase affordable access to the U.S. markets to investors of all sizes in the U.S., Nigeria, India and Brazil, as well as in Europe through a groundbreaking offering with Revolut. The firm offers partners such as Wealthface its unique investing technology, along with a customizable suite of application programming interfaces (APIs) that they can leverage to enhance their services. DriveWealth, which launched its patent-pending real-time fractional share trading capabilities in 2016, was founded with the mission to democratize investing in the U.S. stock market. The firm is dedicated to eliminating barriers investors typically encounter with legacy brokers, creating its own proprietary infrastructure that allows investors to purchase securities without minimum account balances, high transaction costs or full share quantities.

 Leading customer onboarding and KYC technology firm, HooYu, has been deployed by mobile crypto and fiat specialist Baanx. The HooYu Identify KYC journey has been selected to provide identity verification for the onboarding of new customers.  

Baanx is a mobile cryptocurrency platform and the team at Baanx are continually looking to improve how their products work for their customers and that they are easy to apply for and manage.  Baanx have decided to implement an ID document validation solution that would speed up KYC and customer onboarding, whilst also improving the customer experience.

Baanx’s implementation of HooYu Identify comes as the new Money Laundering and Terrorist Financing (Amendment) Regulations 2019 have come into effect. One of the major updates in this regulation brings crypto businesses into the scope of the anti-money laundering regulatory framework meaning that crypto wallets & exchanges are now required to carry out Customer Due Diligence.

Garth Howat, CEO at Baanx commented, “It’s important that as the crypto industry matures and scales, that we all adhere to KYC regulation. That said, we haven’t chosen HooYu solely to help us comply with the money laundering regulations, HooYu also helps us to curate a smooth KYC journey and improve our onboarding success rates”.

David Pope, Marketing Director at HooYu said, “It’s been great to see the results of Baanx implementing the HooYu digital KYC journey and how the HooYu UI and UX tools are helping their customers though the KYC process whilst helping meet KYC regulations.”  

Acronis, a global leader in cyber protection, announced today that in response to the current coronavirus pandemic, it is making Acronis Cyber Files Cloud, the company’s secure, enterprise-grade file sync and share solution, free to all service providers through 31 July, 2020, so they can help their clients quickly transition to working remotely while keeping vital data secure.

As global business adjusts to the remote-work environment demanded by the COVID-19 response, clients are counting on service providers to help them adapt. Acronis understands the challenges service providers are facing to provide a secure collaboration environment for remote workers outside of corporate networks, and offers a solution that can be implemented during the outbreak at no cost. Service providers can meet the needs of their customers without taking on additional financial burdens or increasing their operational costs.

Additionally, Acronis offers training videos and documentation to help service providers train their clients and their end users and get them onboarded.

“The world has changed dramatically during the past few weeks and days as we all respond to the COVID-19 pandemic. As organisations adjust to the new normal – both personally and professionally – Acronis wants to reassure our partners that we are here to support them,” said Gaidar Magdanurov, Acronis Chief Cyber Officer and COO. “As a cyber protection company, we believe strongly in the protection of all data, applications and systems at all times. We understand the challenges of our service provider partners – providing a secure collaboration environment for their customers – and we are able to support them in this time by allowing them to enable remote work for their customers at no additional cost during the outbreak.”

Acronis partners who are looking for additional details about the resources being put in place should contact their account manager.

Iwoca, one of Europe’s largest business lenders has today announced OpenLending, the new platform that – for the first time – can unify fintechs and banks to extend iwoca’s lending capabilities to over two million UK businesses.

With 14 partners already integrated1, OpenLending brings the finance ecosystem together, allowing fintechs, banks, brokers, accountants and bookkeeping platforms to customise their offering of iwoca loans. This new platform allows partners such as Monese, Funding Options and Funding Xchange to tailor the user experience for their customers, giving them decisions and access to funds in seconds.

“The concept of OpenLending has the potential – through collaboration with the banks and fintech partners – to fix some of the biggest problems SMEs will face in the coming months.” said Christoph Rieche, iwoca’s CEO and co-founder. 

“OpenLending is a fully digital platform that established banks can use to get finance to small businesses within minutes, opposed to weeks or even months. Digital access to finance is particularly valuable now where COVID-19 may lead to severe disruption of bank branch networks and call centres, reducing their ability to provide the service level that they aim for under normal circumstances. Now is the time to come together and work collaboratively to solve this problem”

“With our proven track record, we’re confident that by bringing the industry together we can give at least two million small businesses access to finance.”

“We want our small business customers to have the very best access to funding so that they can real thrive, which is why we’ve integrated with iwoca’s OpenLending platform, said Atul Choudrie, Chief Commercial Officer at Monese. “It’s important that we partner with a leader in the SME lending space and give our customers the very best tools to control their finances and manage important cash flow gaps. We started Monese with a goal to provide businesses with financial freedom anywhere and everywhere, and I believe OpenLending will help us do that.”

Xero and OpenLending

iwoca and Xero, the UK’s leading online accounting platform, are currently undertaking deep research with a view to a potential customised finance solution in early 2021. This would be designed and built specifically for Xero’s customers, and making tailored finance products directly accessible from within the core Xero software.

Travelex notes today’s announcement released by Finablr, its indirect parent company, regarding their appointment of an accounting firm to advise on maximizing value in the Finablr Group.

Travelex reaffirms that it continues to take decisions, with input from PwC and supported by its other external advisors, regarding the operation of its business in the interests of all relevant stakeholders. Travelex notes that it has maintained a legal and financing structure within the Finablr Group that is capable of operating separately, on a stand-alone basis.

Travelex operations continue as usual with extensive on-going work and the support of its key financial stakeholders to mitigate the severe challenges created by reduced travel volumes as a result of the COVID-19 crisis

If there’s one feedback that insurance providers are continuously receiving from homeowners, it’s that consumers want insurance tailor-fit to their specific households. No more one-size-fits-all policies that no longer apply to society’s changing needs and wants.

This is a demand that InsurTech promises to meet, powered by its range of developing tech and the increasing adoption of smart home devices.

What is Home InsurTech?

A portmanteau of the words ‘insurance’ and ‘technology’ and inspired by the term FinTech, InsurTech refers to the range of digital tools and technology meant to improve the delivery of insurance among different sectors. This entails deeper insight and analytics, minimising risk, and providing better customer support, among many other improvements.

For home insurance companies, smart home devices are the newest way to deliver improved service overall — a logical move given the smart home revolution that many countries are currently witnessing. Indeed, a recent Policy Expert survey found a significant jump in the number of connected households here in the UK, from 71% in October 2018 to 76% in May 2019. The ultimate objective of smart home devices is to improve one's overall quality of life. This goal encompasses protection and safety from damage, whether it be caused by natural elements, failure of appliances and the home’s structure, or humans. In other words, it’s also a goal that aligns with the purpose of home insurance.

InsurTech for households is still in its early years, but there are already some notable companies and products out in the market. One example concerns water damage prevention. With 25 years of experience in covering UK homes, heating and plumbing experts HomeServe have sought to find ways to use technology for detecting leaks. This is why, for its part, HomeServe Labs developed LeakBot, a smart device for monitoring the temperature of water in pipes for any signs of leaks. In the event that plumbing issues occur, it sends notifications to an accompanying app, allowing a homeowner to take the necessary action before the problem gets worse, in partnership with their insurer. This particular device is currently being offered as a package inclusion for firm Hiscox, who will personally see to it that the problem is fixed by their partner service provider.

On the home security front, New York City startup Canary is one of the first tech firms to partner with insurance companies. Their smart security system is paired with a mobile app that receives video and audio feeds as well as real-time alerts when the device detects unusual activity, like intruders. It even works well with homeowners’ health insurance as it can monitor indoor air quality, too. Though it is based in North America, leading European insurers Axa and Allianz are looking to offer this product in their property insurance policies as well.

Another example is the UK-based Neos and their range of smart cams. Not only do these perceive human activity, but the internet-connected sensors also detect other home-related risks such as fire, smoke, and even the front door being left open. It then sends notifications to the app, which can also be used to control and adjust the sensors and individual components of the Neos system.

Changing Times, Changing Approaches

We are currently living in the digital age. Everyone — and every thing — is becoming increasingly connected, even our homes. What's more, consumers are becoming younger and tech-savvier by the minute. This change in demographics is motivating insurance companies to find new and improved sales models where personalisation and customer experience are key factors consumers look for. And from the perspective of home insurance providers, innovative technologies can minimise damage, thereby reducing chances of risks and expensive payouts. In other words, it’s a win-win scenario for homeowners and insurance providers alike, today and in the years ahead.

To keep up with the developments of InsurTech and the wider FinTech landscape, do keep checking the reports here at Financial IT. 

In furthering Singapore as the fintech hub of Southeast Asia, Global eTrade Services (GeTS) has announced its partnership with Aspire, a Singapore-based startup with aspirations of being Southeast Asia's SME Neobank leader.

The partnership will facilitate easier access for customers, especially SMEs, to trade financing on CALISTA™ Finance through CALISTA™, a global supply chain orchestration platform run by GeTS.

CALISTA™ Finance aims to address the needs of underserved businesses, especially SMEs in Southeast Asia, to improve liquidity and meet other financial needs. By automating the documentation process and harnessing trade data, the know-your-business (KYB), loan approval and disbursal processes will be expedited while also enhancing security.

Aspire has been expanding its presence in several Southeast Asian markets. Through CALISTA™ Finance customers can seamlessly access the Aspire's credit offerings to expand their own businesses in the region too.

The company follows partners such as DBS Bank, the Industrial and Commercial Bank of China (ICBC), MoolahGo, and Liquid Group, which have already onboarded CALISTA™ Finance since its launch in December 2019. GeTS is also working to harness data to power up other financiers.

Chong Kok Keong CEO of GeTS, said: "We are delighted to have Aspire onboard CALISTA™, to integrate the digital and physical aspects of trade financing on a single platform. This partnership will facilitate more convenient access for our customers to trade financing, as part of our vision to make trade more accessible, predictable and easier."

"With the same mission to support more small businesses in Southeast Asia, Aspire is excited to be working together with GeTS," said Joel Leong, Co-founder of Aspire.

Strands will now offer its product suite on Oracle’s Banking-as-a-Service platform, allowing financial institutions of all sizes to leverage the Open Banking framework

FinTech software provider Strands has launched its retail and small-business digital banking solutions on the Oracle Cloud Marketplace, a move aimed to make its AI-driven money-management solutions seamlessly available to financial institutions worldwide.

By joining the Oracle Cloud Marketplace, the Barcelona-based FinTech company will now offer its product suite on Oracle’s Banking-as-a-Service platform. In a few clicks, Oracle’s customers will be able to deploy Strands’ AI-powered tools leveraging Oracle’s Banking APIs securely and in record time. This cloud-based business model will allow financial institutions of all sizes to benefit from the high performance of Oracle’s Autonomous Database while capitalizing on the many opportunities that the Open Banking regulation has created. 

“Strands Finance Suite’s integration with Oracle’s Open Banking APIs does not only allow our future customers to leverage the open banking capabilities but it also opens the door to integrate with Oracle’s vast portfolio of corporate and retail banking solutions, such as OBDX and Netsuite. As we look to the future, we want to extend our reach and services from Tier 1 and 2 Financial Institutions all the way to smaller financial institutions that require hosted solutions,” says Cesar J. Richardson, Head of Partnerships at Strands.

Following the integration, Strands reinforces its position as a global leader in FinTech and puts itself in a unique position to keep delivering secure, personalized AI-driven banking solutions to financial institutions worldwide. For example, through its Engager insights engine, Strands is able to predict future financial events, keeping banking customers informed of their financial situation and empowering banks to help them at every stage of their customer journey.

The Oracle Cloud Infrastructure Marketplace is the largest business-to-business (B2B) audience data marketplace. It provides a platform for Oracle Partners to promote and sell their solutions to Oracle customers, helping B2B marketers improve their targeting throughout the marketing funnel.