GUUD Pte Ltd, a cross-border trade facilitation solutions company, has announced the seamless integration of its cutting-edge INFT supply chain financing platform with its award-winning RYTE Multi-Bank Trade Finance Application Portal (RYTE TFAP) in a strategic move to revolutionize the trade finance landscape. this breakthrough integration aims to empower small and medium-sized enterprises (SMEs) by providing them with a wide range of trade finance solutions to enhance their competitiveness in the global marketplace.

RYTE TFAP is a multi-bank portal that was launched in November 2019 with the aim of helping corporates of all sizes reduce the hassle and complexities of having to navigate through different bank portals and requirements. The portal is free for all corporates and SMEs to use and allows corporates and SMEs to scale up their businesses while reducing operational complexity. Currently, there are 11 trade finance banks partners on RYTE TFAP. They are Mizuho, ANZ, BNP Paribas, DBS, HSBC, Industrial and Commercial Bank of China (ICBC), MUFG Bank, Oversea-Chinese Banking Corporation (OCBC), Sumitomo Mitsui Banking Corporation (SMBC), Standard Chartered Bank (SCB) and United Overseas Bank (UOB).

The INFT platform has already made significant waves in the market by offering real-time and efficient financing solutions like remittances and cashline to small and medium-sized enterprises (SMEs). With the new integration, it allows SMEs easier and faster access to 11 banks to apply for trade financing products like banker’s guarantee, letter of credit, import and export pre and post-shipment financing, receivables invoicing. It offers SMEs a more streamlined, transparent, and accessible platform to manage their business funding activities efficiently. 

Key benefits of the integration include:

Convenience and Efficiency: Through a single portal, customers may access several banks and financial services, doing away with the need to log in to various bank accounts or visit various websites. This convenience helps clients manage their financial activities effectively. 

Access to a Wider Range of Services: The RYTE Trade Finance application portal offers clients access to a broader range of trade finance products from different banks. This diversity allows clients to explore and compare various offerings to find the best deal to suit their specific business requirements.

Real-Time Visibility: Clients can track the progress of their trade finance applications in real-time through the portal. This transparency provides them with greater visibility into the status of their applications, helping them to plan and make informed decisions promptly.

Simplified Documentation and Compliance: The portal offer standardized application templates to reduce the burden of paperwork. Client’s data are safeguarded by adhering to the industry’s stringent regulatory compliance requirements.

Faster Processing: With streamlined processes and access to 11 banks, clients can enjoy faster processing times for their applications.

"The integration of our INFT platform with the RYTE Trade Finance Application Portal further strengthens our commitment to empowering SMEs by providing them with a wide range of trade finance solutions to thrive in the global marketplace. With streamlined application and processing, our customers can now enjoy a seamless and digitalised trade finance experience," said Eldwin Wong, CEO of GUUD Finance, a wholly-owned subsidiary of GUUD Pte Ltd.  

With the integration, SMEs can now access a multitude of financial tools and services that were once reserved for large enterprises, enabling them to grow their businesses and compete on an international scale.

Prontoblock, a leading digital asset fintech company, is pleased to announce its strategic partnership with Mercantile Bank International (MBI). This partnership aims to revolutionize the commercial paper market through the tokenization of these financial instruments. 

This partnership will empower MBI clientele to engage in the purchase and issuance of tokenized commercial paper using Prontoblock's cutting-edge digital assets platform. Prontoblock will collaborate closely with issuers to identify the most suitable commercial paper instruments for tokenization.

The outstanding value of U.S. commercial paper exceeded $1.25 trillion at the end of 2022. Commercial paper works like fixed-income investments but tends to have rates higher than Treasuries with similar maturities, and even higher than bank savings deposit rates. Of the $1 billion in assets Prontoblock plans to tokenize by Q2 2024, $250 million will be high-grade commercial paper.

Prontoblock's digital asset platform is revolutionizing investment opportunities such as hedge funds, private equity, fixed income and commercial paper. Leveraging the power of blockchain technology and smart contracts, the platform tokenizes financial assets issued by its clients, streamlining investment processes and enhancing operational efficiency.

Leveraging its strong track record of enabling clients to participate seamlessly in the digital asset realm, MBI offers high-quality, high-yield, and liquid short-term instruments such as commercial paper that generate attractive risk-adjusted returns.
 

Bill Gleason, CEO of Prontoblock, commented, "MBI, with its robust presence in the US digital asset space, is an ideal partner as they routinely generate excess liquidity and are in search of high-quality, short-term liquid instruments to invest their short-term liquidity and generate an attractive risk-adjusted return."

Bo Collings, CEO of MBI, echoed the sentiment, "Our alliance with Prontoblock perfectly aligns with our strategic vision. Tokenizing commercial paper allows us to provide a diverse array of investment opportunities to our clients while facilitating their access to liquidity. Through leveraging our advanced blockchain technology stack, we are poised to enhance client investment capabilities, yielding exceptional outcomes while meticulously adhering to US securities regulations."

By taking proactive measures to ensure that their financial solutions are compliant with relevant laws and regulations, both MBI and Prontoblock are solidifying their status as trusted partners for their global clientele, ensuring that their financial interests are safeguarded within the bounds of regulatory frameworks. As digital asset adoption and regulatory compliance regulations evolve, both companies remain committed to ensuring clients can navigate the complexities of the digital assets landscape with confidence.

BharatPe, India’s leading name in fintech industry, today announced the launch of its new Android Point of Sale (POS) terminal. Known as BharatPe Swipe Android, the device offers multiple modes for digital payment acceptance, including debit/credit cards, UPI, mobile wallets and QR code. The company, which had launched Linux-based POS devices in the year 2020, already has a network of over 2 lakh POS machines across 400+ cities in the country, and is one of the top 3 fintech players in the POS category. BharatPe will give its merchants an option to upgrade from the Linux-based POS to the new Android POS device. Additionally, it plans to double its POS network count over the next 12 months, with the launch of BharatPe Swipe Android.

Powered by Android 10 operating system, the new device has a 5.5” HD touchscreen and a long-lasting battery, supports fast charging, and is compatible with 4G and Wi-Fi for better connectivity. Supported by the BharatPe merchant app, the POS solution offers a simple and intuitive interface with the convenience of instant settlements and single-point reconciliation for transactions across BharatPe QR and BharatPe Swipe. With BharatPe Swipe Android, merchants can also accept QR payments via dynamic QR generated on the machine, as well as generate physical receipts for the QR payments done. The comprehensive merchant dashboard enables efficient management of transactions and settlements with a customizable view as per the requirement of the merchant. Also, accepting payments through the POS machine enables the company to assess the merchant’s creditworthiness and facilitate business loans through its NBFC partners.

Commenting on the launch, Nalin Negi, CFO & interim CEO, BharatPe, said, “Through its robust fintech ecosystem for offline merchants, BharatPe has brought millions of small businesses and retailers under the fold of the digital economy. The latest addition to our product suite, BharatPe Swipe Android, is a powerful yet simple-to-use device that will further enable our merchants to offer their customers a seamless and secure payment experience. It aims to cater to a wide range of merchants across segments including the small merchants, from a neighborhood kirana store to a fine dine restaurant or a supermarket chain. We are confident that with this new POS we will be able to offer a superlative experience to our merchant partners and in turn, help them further grow their business.”

Added Sandeep Indurkar, Chief Business Officer- Banking and Alliances, BharatPe, “The infrastructure for various payment acceptance offerings including point of sales (PoS) has been growing not only in metros and tier 1 cities, but also in tier 2 and 3 cities. We are bullish about our growth in the POS category with the launch of BharatPe Swipe Android devices. In the coming months, we will be launching a pathbreaking POS device along with offerings like pay-later EMIs, Digital Receipts and sound notifications that will scale up payment acceptance for millions of offline merchants and kirana store owners. This will further enable our merchants to deliver customer delight and in turn, strengthen their businesses. We stay committed to empower our 10 million+ merchant community and be an important part of their growth story.”

In the next phase of scale-up for its POS business, BharatPe plans to launch integrated inventory, billing and payment solutions that are customized for specific industry segments like restaurants and retail stores.

Multi-asset broker Vantage Markets was awarded two Ultimate Fintech (UF) awards at this year’s UF APAC Awards ceremony in Bangkok. 

Vantage picked up the award for Best Broker and Best Customer Support for the Australian market. Vantage has now won both these categories for two years running (2022 and 2023). These awards are a testament to Vantage’s efforts in strengthening its platforms and enhancing its client offerings over the past year. The UF Award wins also add to other recent recognition of Vantage’s offering, including the Best CFD Broker – Australia award given by Business Tabloid.

The UF APAC Awards recognise top B2C and B2B brands in the online trading and fintech space and aim to provide traders and businesses with an industry benchmark of the best companies to trade and do business with. These awards were awarded based on the votes received from traders between 5 June and 16 June.

Vantage Markets was established in Sydney in 2009 and has been building a strong presence in the country ever since. In recent years, the team has been focused on enhancing their Australian clients’ trading experience. These include the establishment of the Vantage Academy with free educational materials and market insights, the partnership with renowned Trade with Precision to bring to market multiple webinar series that target its trader audiences, and the addition of PayPal as part of their payment gateway solutions, among others.

Vantage has also recently announced a $100,000 donation to UNHCR Australia, as part of its effort to give back to the community.

Jack Kelly, Head of Sales, Australia at Vantage Markets, said “To be awarded Best Broker and Best Customer Support for Australia two years running at the UF Awards is a testament to the commitment of the Vantage team in creating the best possible trading experience for our clients. Our clients are our biggest motivation to keep getting better, and so it is an honour to be recognised by such a reputable, performance-based organisation like Ultimate Fintech.”

70+ innovative demos. 100+ expert speakers. 2,000+ influential attendees, including 1,000+ from financial institutions. The connections and ideas you need are at FinovateFall.

FinovateFall returns to New York! This is your chance reconnect face-to-face with the fintech community and plot a course for the future. Finovate’s signature mix of innovative demos, engaging panelists, insightful speakers, and high-impact networking will give you the perspective and connections you need to thrive in a changing landscape. There’s no better place to find your path forward. It’s up to all of us to define what the fintech industry is going to look like in the future. Join us at FinovateFall and make sure you’re a part of the discussion.

To book your place and claim a 20% discount click here: https://tinyurl.com/3794jvtc

If you’d like to demo at the event click here:  https://shorturl.at/aipGI

Save 20% with code FKV2474FIW

Moove, the world's first mobility fintech, announces today that it has secured $76m in new funding, consisting of $28m in equity from new and existing investors, in a process led by Mubadala Investment Company (Mubadala), $10m venture debt from funds and accounts managed by BlackRock, and $38m in previously undisclosed funds raised during the prior twelve months. The African-founded business will use the funding to continue its mission to build the largest tech-driven financial services platform for mobility entrepreneurs and strengthen its position on the global stage.

Moove was founded in 2020 in response to the lack of vehicle financing faced by over two million African mobility entrepreneurs. Global interest has seen the business expand across multiple geographies. It is now working towards further global expansion with plans to launch multiple new products and a goal to reach profitability by the company year-end. This investment serves as an endorsement of Moove’s ability to serve its customers and execute across multiple developing and developed markets. The funding signifies the start of a relationship that will also see Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, join the Moove advisory board.

Ladi Delano, Co-founder and Co-CEO of Moove said: “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”

Faris Sohail Al Mazrui, Head of Ventures & Growth, Mubadala added: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”

Moove has gone from strength to strength since its inception, experiencing 17x revenue growth following its Series A fundraise two years ago, and empowering over 12k customers who have completed over 22 million trips in Moove-financed vehicles across 13 markets. The business is Uber's largest vehicle financing partner in EMEA and already operates the largest EV fleet by supply hours on the Uber platform in the UAE, despite launching only four months ago.

Sean Dunne, Managing Director, BlackRock (formerly Kreos Capital), said: “We believe Moove has the potential to play a vital part in the electrification of mobility. Moove is providing its customers access to finance and the chance to participate in the transformation of the mobility sector, by growing its global EV fleet. As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change.”

Ladi Delano continues: “With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers while working towards profitability. It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs.”

As an impact-driven fintech, Moove exists to provide financial services to those who are unbanked or underserved by traditional lenders, so they can obtain revenue-based financing and access a path to asset ownership and financial stability. With the rise in demand for mobility solutions, there is an ever-growing opportunity for Moove to become the financial services partner of choice for mobility entrepreneurs around the world.

Endowus, Asia’s leading digital wealth platform has raised US$35 million in its latest funding round. New investors include Citi Ventures and MUFG Innovation Partners, as well as four of Asia’s wealthiest families with various operating businesses spanning banking to real estate across Singapore, Southeast Asia, and Greater China including Hong Kong. Existing investors that have participated in this round include UBS Next, Singapore-based global investor EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.

The successful large fundraise comes amidst a global slowdown in fintech growth and funding. Despite the difficult financial market conditions, Endowus has continued to experience accelerated growth with group assets now crossing US$5 billion. In 2022, the firm delivered revenue growth of 80% organically, while tripling its group revenue as it completed the acquisition of one of Asia’s premier multi-family offices, Carret Private. It has continued to grow in the downturn, achieving peak assets and peak revenue every quarter throughout its history including a record-breaking 2Q 2023.

Endowus is the only digital wealth platform to serve both private wealth and public pension as the first digital advisor for Singapore’s CPF-IS (Central Provident Fund Investment Scheme) and announced it had crossed a meaningful milestone of over S$1 billion of pension assets managed through its platform in Singapore.

Endowus has also continually expanded its service offerings, including the launch of the lowest cost passive index funds in Singapore and CPF, as well as the launch of Endowus Private Wealth for high-net-worth clients, actively democratising access to private market, hedge fund, and alternative investment solutions. Additionally, the firm had launched its services in Hong Kong this year as the only independent, commission-free, and conflict-free digital wealth advisor and low cost fund platform.

Samuel Rhee, Co-founder and Chairman of Endowus said, “This successful fundraise at a critical time in the growth of the company is a validation of what we have built so far, and demonstrates the strong belief in the team’s ability to execute in building the digital wealth platform of the future. Endowus is today, one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia. It continues to pioneer the digitalisation of personal savings, private wealth, and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy. We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.”

“Today’s investors are seeking tailored, data-driven, and digital-first solutions to meet their lifestyles and long-term wealth needs. With its strong tech and product innovation, the Endowus team has built a top-tier digital total wealth platform, and have laid the groundwork for continued success in the future. We are excited to support their next phase of growth, leveraging Citi’s tremendous experience and expertise in the global wealth business,” said Everett Leonidas, Asia-Pacific Head of Citi Ventures.

This latest investment underscores Endowus’ wealthtech leadership and its success in building a sustainable business to tap into the rapidly expanding, multi-trillion-dollar wealth market opportunity in the region. Endowus will use the new funds to continue scaling and dominate its core markets of Singapore and Hong Kong to bring fee-only, conflict-free wealth management to a broader segment with greater penetration.

“The next stage of Endowus’ growth will hone in on the personalisation of a joyful and meaningful investing experience for all investors at scale. As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale. Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor. Doing this right will result in a sustainable and generational business that will have a far-reaching socio-economic impact on the lives of our clients and society,” said Gregory Van, Co-founder and CEO of Endowus.

“Endowus’ commitment to empowering individuals in their wealth journeys aligns strategically with MUFG’s vision of promoting greater financial inclusion across Asia, where MUFG has strong business footprint. Their unique fee-only, digital-first business model is an industry best practice that lowers the cost of investing for many, while delivering institutional-grade solutions to the retail investor. We are proud to be partnering with the Endowus team to accelerate the growth of this exceptional wealthtech company that will broaden access to investment opportunities for all, and we look forward to many potential collaboration opportunities,” said Takashi Sano, Chief Investment Officer of MUFG Innovation Partners.‍

Endowus was recently named a World Economic Forum Technology Pioneer, earning global recognition for being at the forefront of new technologies and innovation, poised to have a significant impact on business and society. Endowus also clinched Singapore’s Best Digital Wealth Management at The Asset Triple A Digital Awards 2023, as well as Asia Asset Management’s Best of the Best Awards 2023.

Headquartered in Singapore, Endowus is the first digital advisor in the region to span both private wealth and public pension savings, helping investors grow their money with expert advice and access to institutional investment solutions at low and fair fees. Apart from goals-based investing into automated portfolios professionally curated by Endowus’ Investment Office, clients can also build single and multi-funds portfolios via the Fund Smart solution, where over 300 curated strategies by over 50 global fund managers are accessible at low cost across major asset classes including cash & money market, fixed income, equity, multi-asset and commodities. Additionally, Endowus Private Wealth clients can gain access to hedge funds, private equity, private credit, private real estate and other alternatives at comparatively lower minimums, lower fees, and higher liquidity.

NCR Corporation, a leading enterprise technology provider, today announced that $6.6 billion-asset First Bank has joined NCR’s Allpoint Network, allowing customers to easily access and deposit cash at trusted retail locations across the country. NCR also enabled First Bank to transform its branches through the addition of almost 200 NCR Interactive Teller Machines (ITMs), bringing more self-service options to First Bank customers.

First Bank has a unique geographic footprint, with locations throughout the greater St. Louis area, Illinois and California. By joining NCR’s Allpoint Network, which includes more than 55,000 surcharge-free ATMs across the world, First Bank is able to extend customers’ access to cash even when they’re not near a First Bank branch.

At the same time, First Bank is transforming its branch model, working with NCR to add almost 200 NCR Interactive Teller Machines (ITMs) at its branches, enhancing the self-service banking options available, extending the hours select services are offered to customers, and enabling the bank to offer more convenient banking to its customers and operate more efficiently.

“Cash continues to be extremely important to our customers, from college students to those who travel,” explained Erin Erhart, director of product management, First Bank. “NCR’s Allpoint Network is expansive and reliable, helping our customers access their money surcharge-free wherever they are. By joining the network and working with NCR on our branch transformation strategy, we can match the service delivery of the biggest banks while still maintaining our close, personal customer relationships.”

First Bank also leverages Allpoint+, which offers deposit-accepting capabilities at nearly 2,000 locations across the country. Erhart continued, “Allpoint+ makes it possible for those who move to areas without a physical branch to continue to conveniently bank with us. Being able to provide customers with easy cash-in and cash-out capabilities at trusted retail brands has given us a notable competitive advantage.”

“The ability to conveniently access cash and perform everyday banking activities via self-service has become a critical part of financial institutions’ success,” said Stuart Mackinnon, EVP, ATM Group, NCR Banking. “With our Allpoint Network and branch transformation expertise, financial institutions like First Bank are optimizing their physical footprints, allowing customers across the country to bank when and where they want.”

Spurred by a growing influx of foreign direct investment and a $7 trillion development plan for the Kingdom's giga projects, ICT spending in Saudi Arabia is poised to top $34.5 billion this year. That's according to the latest forecast from International Data Corporation (IDC), with spending on software (including cloud) and IT services set to increase at compound annual growth rates (CAGRs) of 11.4% and 8.7%, respectively, over the 2022–2026 period. 

The government sector will be the country's biggest IT spender in 2023, with spending on AI, IoT, cybersecurity, and big data analytics alone set to exceed $574 million as innovative technologies become foundational to the aim of building an ‘Experience Economy’. Finance, communications, energy and resources, and manufacturing will be the Kingdom's other top spenders in 2023, although the fastest growth over the next five years will be seen in the healthcare, finance, retail/wholesale, professional services, and education sectors.

"To harness the full potential and widespread benefits of the digital economy, governments and businesses must implement strategies to measure and cultivate it," says Jyoti Lalchandani, IDC's group vice president and regional managing director for the Middle East, Türkiye, and Africa. "Creating regulatory environments and nurturing talent will be critical to success. Today, technology plays an ever-increasing role in enabling, measuring, and reporting on sustainability initiatives and diversity and inclusion drives, with government and business leaders prioritizing these issues on their digital agendas."

Such issues will sit at the heart of the agenda during this year's IDC Saudi Arabia CIO Summit, which will take place at the Fairmont Riyadh on September 13-14. Addressing the theme 'Enabling the Digital Economy's Leaders', the event will bring together the Kingdom's foremost IT and telecom leaders, digital government pioneers, regulators, and industry thought leaders. Expert speakers will assess the current state of the digital economy, evaluate its ongoing impact on citizens, customers, employees, and operations, address key challenges, and outline proven best practices and strategies to drive future success.

IDC's chief research officer, Meredith Whalen, will open the day's proceedings with a keynote titled 'Strategies for the CIO and Enterprise Innovation', during which she will highlight IDC's latest research findings on building a culture of trust, examine the move toward industry ecosystem innovation, and highlight the impact of tech decentralization.

"CIOs are no longer just technology leaders," says Whalen. "They are strategic partners who have a critical role to play in driving enterprise-wide growth and it is important that they fully understand what needs to be done now — and in the future — to create an environment for long-term sustainable innovation. The IDC Saudi Arabia CIO Summit is the perfect place for CIOs to learn from their peers, network with industry leaders, and get the insights they need to succeed in the digital age."

The agenda will also feature a series of dedicated CIO-led panel sessions and technology focus groups addressing topics such as:

• Talent Development and the Demand for New Skills: Optimal Team Structuring

• Sustainable Strategies and Technologies: Operationalization, Impact Measurement, Business Value Creation

• Vendor Selection and Management: Best Practices and Considerations

• Cyber Protection for the Threats of Today and Tomorrow: Dynamic Security Strategies to Minimize Risk

• Connecting the Distributed Cloud: From Edge to Core

• Enabling the Data-Driven Enterprise

• Transitioning Through AI and Analytics: How to Win in the Intelligent Economy

To learn more about the IDC Saudi Arabia CIO Summit 2023, please click here or contact Sheila Manek at smanek@idc.com / +971 4 446 3154. You can also join the discussion on social media using the hashtag #IDCSAUDICIO.