iDenfy, a global RegTech startup offering identity verification and fraud prevention solutions, announced a new partnership with Alphawin, a Bulgaria-based casino and sportsbook operator offering first-class online gaming experience. iDenfy will help onboard new gamers by checking their identities while allowing age-appropriate users to access the iGaming platform’s services.

Establishing a robust and dependable client relationship has consistently remained at the forefront of Alphabet's key objectives. The company has set itself apart by leveraging cutting-edge technologies extensively within the industry. Since its inception in 2007, Alphabet Gaming has held a prominent position within Bulgaria's gaming sector. Recently, the company has operated a network of six land-based casinos nationwide. However, its foray into the online gaming realm has taken shape with Alphawin. Positioned as a standout member under its unique brand Alphawin, the company is dedicated to providing a top-tier sportsbook and casino experience for all online users in Bulgaria.

Building a solid and trustworthy customer relationship has always been one of  Alphabet’s top priorities. To strengthen the trust and bring an extra layer of security, Aphawin looked for a robust, AI-powered identity verification solution that would cater to its growing audience. Since the gaming platform is at its scaling stage, they needed a global solution that could enable them onboard new users in less time while improving the identity verification conversion rate and maintaining compliance with Know Your Customer (KYC) regulations. 

According to iDenfy, automated KYC measures are the best way to keep the balance between user experience and effective fraud prevention. While gaming platforms must adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, they must also prevent all kinds of illegal activities, such as underage gambling. Automated KYC solutions help casino and sportsbook operators collect personal information from customers, including name, date of birth, address, and identification documents, quickly and securely, taking approximately two minutes on average in the market. 

iDenfy’s team also adds that the primary hurdle encountered by the iGaming sector when implementing KYC requirements mirrors a challenge faced by many industries. However, some industries have more demanding customers. For example, crypto and gambling users want to keep their identities hidden, which makes the whole verification process a hassle from the user’s perspective. Consequently, Alphawin agrees that the account creation process should be frictionless, and that’s why finding a delicate balance between maintaining a great user experience and upholding KYC/AML compliance was extremely important for the company.

Alphawin was impressed by iDenfy’s API documentation and user-friendly environment. Along with a responsive customer support team, a smooth testing process, and seamless implementation, iDenfy helped Alphawin build a fully automated customer onboarding process. Currently, iDenfy’s four-step identity verification with built-in liveness detection technology will catch fraudsters using pre-recorded videos, deepfakes, masks, and altered pictures in real-time. In addition, iDenfy’s in-house team of KYC experts will manually review each software result to ensure a complete accuracy rate. 

From a compliance perspective, iDenfy will help Aphawin’s team save time while simplifying internal operations, which means their compliance team will be able to focus their time on more complex tasks. As claimed by iDenfy, its KYC solution will protect minors from getting involved with age-restricted services and ensure that all online gaming practices are transparent. 

“Our mission is to help Alphawin proactively prevent fraudulent attacks before they happen with our automated identity verification solution. At the same time, we ensure compliance while maintaining a user-first approach, which is an emerging trend and a new industry standard for their industry.” — noted Domantas Ciulde, the CEO of iDenfy.

In the countdown to the opening of the Asian Games, Ant Group is expanding multiple cross-border digital payment options for international travellers as the Official Prestige Partner of Asia's largest sports event in 2023. 

As a native of Hangzhou, the host city of the Games known for its historical heritage and pioneering position in global digital innovation, Ant Group is working extensively with the Asian Games in areas ranging from digital payment, travel and ticketing services, to sustainability initiatives. In particular, Ant Group is expanding its cross-border digital payment services to seamlessly link overseas payment methods with the Chinese market.

Thanks to the support from the People’s Bank of China, a rising number of overseas e-wallets will be able to "roam" in China using Alipay+, Ant Group's cross-border pay tech and marketing solutions, through our collaboration with NetsUnion Clearing Corporation. Their users may use their familiar home wallets throughout tens of millions of commercial outlets on Alipay China's merchant network. The first batch of such overseas e-wallets include AlipayHK from Hong Kong SAR China, KaKao Pay from South Korea, and Touch’n Go eWallet from Malaysia. More overseas e-wallet users will be able to pay in the Chinese mainland during the Asian Games. 

Meanwhile, overseas travellers can also bind their international bank cards of major card networks to Alipay app and pay for goods and services, including Asian Games tickets with no hassle.

Developed by Ant Group, Alipay+ is a suite of cross-border digital payment and marketing solutions that connect tens of millions of merchants, digital payment service providers and over one billion consumer accounts worldwide, sharing vigorous growth brought by digital economy with the world.

Celebrating the Asian Games spirit, Alipay+ partners across Asia including Dana (Indonesia), GCash (the Philippines), Kakao Pay (South Korea), Touch 'n Go e-Wallet (Malaysia), TrueMoney (Thailand), AlipayHK (Hong Kong SAR, China) and MPay (Macao SAR, China) are actively engaging their users to take part in the global digital torch relay for the Asian Games. The campaign helped pass the digital flame of the Games across 45 Asian countries and regions.

As the world's leading one-stop payment and lifestyle service platform, Alipay provides a broad range of technology services for the Asian Games' outreach to global fans. Volunteers of the company's Blue Vest program, known for its role in China's financial literacy campaigns, as well as Ant Group's staff from China and abroad are also actively volunteering across the Games' venues and the city of Hangzhou.

64 per cent of FinTechs face dissatisfied graduates quitting their grad schemes, according to research from strategic talent solutions partner FDM Group.

35 per cent of employees in financial institutions revealed that their organisation offers a limited graduate scheme, due to the time required to train new staff taking too long.

The findings were revealed by a poll of 250 decision-makers at UK financial institutions and banks, via independent polling agency Censuswide, to measure the current state of digital skills and diversity levels in the banking and finance sectors.

It was also revealed that 74 per cent of workers believe that applicants for graduate schemes in the financial services industry are male-dominated, and 70 per cent believe that diversity, equity and inclusion are an afterthought in the financial services industry.

Sheila Flavell CBE, Chief Operating Officer for FDM Group, commented: “If the UK wants to achieve its ambitions of becoming the next Silicon Valley addressing early career dropout rates and enhancing access within the financial sector is vital. Bridging the skills gap through graduate schemes can contribute to growth in both financial services and tech sectors. 

Enabling better access and career progression is essential for a more inclusive financial ecosystem, driven by fresh talent.

More positively, other findings revealed that 86 per cent of workers agreed that their organisation regularly promotes graduates from entry-level roles, and so such efforts invested in improving access will continue to see this number, as well as job satisfaction and employee experience, rise.

Grad schemes in financial services typically last two to three years, set to provide graduates with an in-depth understanding of the industry, develop wide-ranging expertise, and identify and nurture their interests.

However, they have not always been received positively, with high drop-out rates and a lack of opportunity to enter or progress in the financial sector.

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.

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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.