Published
- 03:00 am
Banco BNI Europa has signed a strategic agreement with Portugal’s largest peer-to-peer lender RAIZE to boost lending to SMEs in the country. The online challenger bank is looking to invest €10 million over a two year period. The Portuguese economy has experienced strong GDP growth of 2.8% in the 1st quarter of 2017 and in 2016 captured the largest amount of foreign direct investment in the last 20 years.
José Rego, Chief Executive Officer and cofounder of RAIZE said: “The deal between RAIZE and BNI Europa is the first of its kind in Portugal, and shows renewed interest from investors in Portuguese businesses.”
“We are seeing very interesting growth rates in the Portuguese market - a market most people thought was too risk-averse and unsophisticated. In fact, at the pace we’re growing, we expect 25% of SMEs in Portugal to be financed by investors in 5 to 10 years’ time,” José Rego said.
- 09:00 am
Bank Negara Malaysia (BNM) wishes to announce the merger of MyClear and MEPS to form Payments Network Malaysia Sdn Bhd or PayNet. PayNet will be the operator of shared payments infrastructures for the nation.
“The merged entity will assume a key role in enhancing Malaysia’s growth potential through the provision of world-class payment systems that are competitive, efficient, open and innovative. As a shared utility, PayNet will operate with a public interest objective to support and develop safe, reliable and efficient payment systems in Malaysia”, said Governor, Muhammad bin Ibrahim.
The merger will increase synergies and efficiencies through coordinated strategies for the development of shared payment infrastructures under a single entity that will improve the cost-effectiveness, inclusiveness and the value proposition of e-payment services in Malaysia. To facilitate network expansion and drive innovation in payment services, PayNet will enable open and fair access to its payment infrastructures to both banks and eligible non-bank entities. In the immediate term, infrastructure projects that will be spearheaded by PayNet include the establishment of a national addressing database to facilitate payments to recipients using their mobile phone numbers or National Registration Identity Card (NRIC) numbers. PayNet will also promote the acceptance of MyDebit cards as a low-cost alternative for merchants to lessen the need for cash in retail transactions.
"The merger comes at an opportune time when it is increasingly crucial for the country to avoid duplication and consequently make the right investment decisions to help prepare the domestic financial sector for what might come next. In this respect, we envisage that PayNet will facilitate innovation and technological improvements in payment infrastructures for the benefit of the various market participants in the financial sector, while preserving the need for stability and security", added Datuk Abdul Farid Alias, the Chairman of MEPS.
PayNet will operate the nation’s key payment systems previously operated by MyClear and MEPS. These include the Real Time Electronic Transfer of Funds and Securities System (RENTAS) that facilitates the transfer and settlement of high-value interbank payments and securities transactions, and various retail payment and clearing systems, including the Shared ATM Network, Interbank GIRO (IBG), Instant Transfer, JomPAY, Financial Process Exchange (FPX), Direct Debit, domestic debit card network (MyDebit) and the cheque clearing system.
- 05:00 am
JUMO is delighted to announce that we were accepted into Class 4 of the Google Launchpad Accelerator.
JUMO CEO and Founder Andrew Watkins-Ball said, “We are solving a really important problem and it’s exciting when someone like Google takes notice.”
The Launchpad Accelerator, which opened to African countries (Kenya, South Africa, Nigeria) for the first time this year, selects the best emerging market startups via a rigorous application process. In addition to the bootcamp, $50,000 equity-free funding and support and $100,000 worth of Google products, JUMO will benefit from the opportunity to work closely with Google for 6 months.
Using behavioural data from mobile usage, JUMO is tackling inequality in relation to access to financial services head on. The company, which launched in 2015, partners with large digital footprint holders such as mobile network operators to deliver a new generation of financial services to customers who need instant access to working capital, savings and other financial services.
JUMO is present in all the leading mobile money markets in Sub-Saharan Africa including Kenya, Tanzania, Zambia, Uganda, Rwanda, Ghana with operations support in Cape Town. The company is commencing operations in Asia in Q3 of this year.
- 05:00 am
Michael Grecoff, Head of Americas and International Sales at Cinnober Financial Technology has left Cinnober to fully focus as co-founder and CEO of DAHU Technologies.
In his time at Cinnober, Grecoff was responsible for some marquee deals such as the sale of surveillance technology to NYSE Group's exchanges, the sale of a surveillance system to Javelin SEF (today part of CBOE) and Clear Markets SEF.
“I have dedicated a large part of my career to protecting the integrity of financial markets. I learned on paper tickets and blotters. Today we must rely on systems, and compliance teams must rely on the system’s developers. The trust level between tech and compliance users is at an all-time low. My plan is to bring the same integrity to software as I have to the markets under my watch in the past. Founding DAHU Technologies represents the culmination of a lifetime experience in regulation and market surveillance," said Grecoff. "DAHU is an effective market surveillance solution for trading venues, banks and brokers. It has low cost of ownership and implementation. Above all, it works."
DAHU Technologies is headquartered in London with sales representation in New York. It is also the first surveillance technology firm to be founded by an ex-regulator. The DAHU management team shares experience in Reg Tech, big data, high frequency trading, analytics and gaming technology. The principals have worked with tier 1 market places, self-regulated organizations, national regulators and global banks.
- 06:00 am
Russian financial institutions working together within the framework of collaborative fintech acceleration programme Fintech Lab, namely Ak Bars, VTB 24, Bank Saint Petersburg, Home Credit Bank and Absolut Bank picked 12 fintech startups they are going to mentor and guide through the acceleration programme.
The selection includes
1. 1C-SIM — mobile identity and e-signature verification platform.
2. DataFuel.ru —social media- and transaction-based psychographic profile detection system.
3. FinCase — service to help banks automate portfolio management, focusing on mortgage and collateralized assets.
4. Insurion — platform for buying travel delay insurance.
5. M4B — online receivable based financing service for e-commerce.
6. Panda Money — service that teaches kids financial literacy via gamification.
7. Relation Rate — scoring service that uses social media data and biometric identification tools.
8. Right — robo-advising platform to manage personal investment.
9. Robin — voice-identification and verification biometric service.
10. Rubbles — AI-based platform to personalise banking services for end-users.
11. Sweet card — service offering personalized cashback deals from retailers.
12. uLime — marketplace allowing to additionally monetize bank’s loyal audience.
The programme will be launched on June 5 and last 12 weeks. It will focus on finance industry and bank integration specifics, regulatory context and information security requirements. Strategic consulting for the programme is delivered by Accenture, a major consulting company with experience in hosting acceleration programmes for fintech in London, New York, Hong Kong and Dublin.
Five banks and Mastercard in partnership with Fintech Lab expect to implement pilot projects with the programme graduates.
- 03:00 am
Worldwide, banks have paid over $300 billion in fines since 2008 and this number is set to increase. Regulators have been pressurizing financial institutions to follow compliances stringently and quickly. How can banks stay ahead of AML compliance curve regardless of the pace at which new regulations are issued?
Kunal Patel
Director of Product Management & Marketing at Tagit
Mobile wallets have been talked about for years, I've lost count at the number of reports I've read citing that mobile wallets will dominate the world and that your traditional wallet will be repla see more
- 08:00 am
Cyberbit, whose cybersecurity solutions protect the world's most sensitive systems, today announced that it will demonstrate its Cyberbit Range platform at the Infosecurity Europe conference, 06-08 June, in Olympia, London. Cyberbit will showcase a ransomware attack simulation, which is one of the cybersecurity training scenarios available for the Cyberbit Range, to demonstrate how simulation significantly improves cybersecurity teams' ability to respond to a ransomware attack on their organization.
"Organizations now understand that people, not necessarily products and technologies, are their bottleneck in responding to cyberattacks, with the recent WannaCry outbreak being an example," said Cyberbit CEO, Adi Dar. "Many cybersecurity teams and company executives have never experienced a ransomware attack and were caught off-guard during the recent attack. With better trained teams, many of these organizations could have reduced or eliminated the impact of this attack," added Dar.
Trainees in the Cyberbit Range practice in settings that replicate their organization's network, security products and traffic, while threats are automatically generated according to predefined scenarios. The Range provides trainees with tracking, feedback, ranking and debriefing, so the team can experience the attack as it will occur in real life, understand what they need to do better next time, and respond faster and more effectively when confronted with a real attack.
The Cyberbit Range is the most widely deployed cybersecurity training and simulation platform. It is used by enterprises, MSSPs, consultancies, academic institutions, governments and military organizations. Besides ransomware, the Range provides a rich set of scenarios that include advanced malware attacks, DDoS, virtual and physical ICS/SCADA attacks and cross-functional executive training.
- 06:00 am
To ensure coffee lovers get their morning started right, Dunkin’ Donuts now accepts Masterpass by Mastercard so guests can quickly and easily purchase and reload virtual Dunkin’ Donuts cards on DunkinDonuts.com and the Dunkin’ Mobile App.
Using Masterpass on DunkinDonuts.com and in the Dunkin’ Mobile App to purchase or reload a DD Card ensures your morning cup of coffee is never further than a tap away. For even more perks, Dunkin’ Donuts guests can enroll their virtual DD card in the DD Perks® Rewards Program and earn points toward free Dunkin’ Donuts beverages for every purchase they make at participating Dunkin’ Donuts locations.
“At Dunkin’ Donuts, we show appreciation for our loyal guests through technologies that make enjoying Dunkin’ coffee, food and other beverages as fast and easy as possible,” said Scott Hudler, Chief Digital Officer at Dunkin’ Donuts. “Leveraging new digital payment options like Masterpass by Mastercard provides guests with another quick and convenient way to run on Dunkin’ through our Mobile App, and helps us continue to stand apart for an unsurpassed in-store experience.”
Masterpass stores all payment information, including card details, shipping information and payment preferences in one convenient location simply and securely. In the Dunkin’ Mobile App, consumers can set up Masterpass to purchase and reload their DD Card as fast as they can speed past the line in store using Dunkin’ Donuts On-the-Go Mobile Ordering.
“Mastercard is excited to partner with Dunkin’ Donuts to integrate Masterpass into the Dunkin’ Mobile® App,” said Linda Kirkpatrick, Executive Vice President, US Market Development, Mastercard. “This partnership combines the latest and safest digital technology with Dunkin’ Donuts market leading loyalty program to help their customers ‘win the morning’.”
An integrated marketing campaign kicks off next week with a series of humorous new television spots and digital content that show how Masterpass in the Dunkin’ Mobile App can help win the morning.
- 05:00 am
Nasdaq, Inc. (Nasdaq:NDAQ) and Astana International Financial Centre JSC (AIFC) announced a new, significant agreement. Nasdaq has been selected to power Kazakhstan’s nascent stock exchange, the AIFC Exchange. The exchange is targeted to launch in late-2017 and will initially trade equities and fixed income with other asset classes for future phases.
Within the framework of the agreement, the Nasdaq Matching Engine will be implemented and go through several rigorous testing and acceptance stages before official deployment. The Nasdaq Machine Engine is the most widely-used matching engine in the world that combines extraordinary performance with extensive functionality to cost-effectively meet current and future business and performance requirements. Once the AIFC Exchange goes live, Nasdaq will provide continual maintenance and technical support.
Kairat Kelimbetov, Governor of Astana International Financial Centre, commented: “Nasdaq’s matching engine is considered the best trading platform globally, and is differentiated by the breadth and depth of its offering, security and functionality. The AIFC Authority is pleased to cooperate with Nasdaq in creating the country’s exchange infrastructure.”
Lars Ottersgård, Executive Vice President, Head of Market Technology, Nasdaq commented: “Nasdaq is honored to contribute to the new ‘state-of-the-art’ exchange infrastructure being built by AIFC Authority for the Kazakhstan and related international markets. By leveraging our Nasdaq Financial Framework, the AIFC Exchange will be running on ground breaking technology, which will allow for standardized and unified operations, coupled with robust flexibility to boost its competitive proposition in a rapidly evolving international marketplace. We look forward to partnering and supporting AIFC in this exciting new development.”
Nasdaq’s exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in more than 90 marketplaces across the Americas, Europe, Asia, Australia, Africa, the Middle East and the Caribbean.
About AIFC
In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in post-Soviet region Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.
The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, to develop local capital markets, to ensure their integration with the international capital market, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.
